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Minoan blames Brexit and Turkish unrest for travel slump

The Aegean-focused travel group said it was losing £100,000 per month

picture of Turkish beach
Beaches in Turkey are a lot emptier this year

Minoan Group plc (LON:MIN) has been hit by the weakness in sterling following Brexit and a downturn in travel to Turkey it warned today.

The Aegean-focused travel group said it was losing £100,000 per month as the market for late holidays to Turkey has turned down by 40% due to a spate of terror attacks.

More than 40 people died in a suicide bomb attack at Ataturk airport in Istanbul in June, while a failed coup in July left more than 160 dead.

Bookings for 2017 are looking more promising but this year will see a significant profit hit, said the AIM-listed group.

In Greece, the timetable for appeals against the presidential decree for its proposed leisure complex in Crete remains 16 September with no reason to expect a change, said Minoan.

The huge project will include a number of small to medium sized hotels of 'extremely high standards'.

Shares fell 13% to 7.5p.

Quick facts: Minoan Group plc

Price: 1.15 GBX

AIM:MIN
Market: AIM
Market Cap: £5.03 m
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