MINOAN GROUP PLC- RNS Final Results Share this article Annual Results for the Year Ended 31 October 2022

MINOAN GROUP PLC- RNS Final Results Share this article Annual Results for the Year Ended 31 October 2022

Minoan Group Plc announces its results for the year ended 31 October 2022

Project highlights

·           Substantial financial returns whether on existing basis or amended contract.

·           New Project Masterplan and revised Business Plans.

·           Additional senior management and experienced international real estate consultants.

·           NDAs signed with first hotel group and financial partners.

·           Key milestones and timeline now clear.

Financial highlights

·           Loss before taxation of £1,065,000 (2020/21: £749,000) due to increased loan interest charges.

·           Operating costs slightly increased to £541,000 (2020/21: £511,000).

·           Net assets increased to £42,689,000 (2020/21: £42,406,000).

George Mergos, Chairman of Loyalward Limited, said

"The period under review has seen the vision for the Project crystallise, following significant effort to create a clear route forward so that Shareholders are able to have a much better idea of the very substantial value that is being established within the Group."

Christopher Egleton, Chairman of Minoan, said:

"The Company is now able to move forward with more certainty and we will continue our discussions with the Foundation while focusing on the Project commercialisation."

Minoan Group Plc's Report and Financial Statements for the year ended 31 October 2022 can be viewed on the Company's website with effect from 28 April 2023. A copy of the Report and Financial statements is also being posted to shareholders today.

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