Minoan Group (MIN:LON) saw gross profits in its Travel and Leisure group, which includes Stewart Travel, increase 15% to £4.7 million
However, the group is planning to sell its Travel and Leisure arm to focus on developing a resort complex in Greece, for which it has outline planning permission.
In an announcement this morning, the Group said total transaction values had risen 19% to £47.4 million.
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Chairman Christopher Egleton added: “As previously stated, the completion of the sale of the Travel & Leisure Division will allow me and my fellow directors to concentrate our efforts to optimise the value for shareholders of the Group’s project in Crete.
“In this coming period I believe that we will conclude the sale of the T&L business and thus take forward a substantially debt free Group that will deliver long awaited value to stakeholders by concentrating on maximising the value of the [Crete] Project.”