Minoan Group PLC provided earnings guidance for the full year 2013. The company provided an update on its trading activity, with a good performance from the travel business and positive developments on the Crete project. Travel posted a robust performance with revenues in excess of £37 million and operating profits of circa.

£400,000 for the year. This is after costs of integrating the businesses acquired as a result of the Group's buy-and-build strategy and building the technical platform to handle further expansion. The good performance from the travel business helped to reduce losses at the Group level, which are expected to be lower than in the previous period despite the continuing costs of developing the Crete project, central costs and the share based payments charge.

In particular, the Group's cash balances have been affected by less advantageous terms from major suppliers, the requirements of merchant card acquiring arrangements and the application of the Civil Aviation Authority's new ATOL regulations (Flight Plus) but, notwithstanding, remain healthy. Trading since the financial year end has been very positive with commission up in excess of 20% across the travel business as a whole compared with the same period last year. The full year figures for 2013 are expected to show a substantial improvement compared to those for 2012.