Scottish company installs first 50 post office travel agency

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Scotland’s Minoan Group has said that it has installed the first 50 ‘computerised travel agency kiosks’ in market town-based sub post offices, following its exclusive agreement with the National Federation of Sub Postmasters.

The deal was announced late last year and will see the Scottish company installing these kiosks in 9,000 sub post offices.

In a trading statement issued to the London Stock Exchange this morning the company added that its travel business had seen “good performance”.

Its travel business has achieved revenues in excess of £37 million and operating profits of circa £400,000 for the year.

However, it warned that cash flow in the industry generally remains under pressure.

“Cash flows within the travel industry as a whole are under pressure. 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.”

The company is also progressing with its Crete development project and hopes to submit its Environmental Assessment in the “near future”.

Christopher Egleton, chairman of Minoan, said: ”The gsroup has had an eventful year with the rapidly-expanding travel business performing well and progress made on the Crete project.

“Our travel buy-and-build strategy is paying off, with the recent acquisitions now integrated and the installation of the first 50 sub post office-based travel kiosks. All this has helped to deliver a good set of trading figures from the travel business.

“We are also pleased to see the Crete project’s Fast Track status officially confirmed in law and we are due to submit our Environmental Assessment shortly,” he added.