Minoan Group PLC - London-based Greek hotel investor - Pretax loss widens to £1.1 million for the year ended on October 31, from £749,000 the year before. Says this is due to increased loan interest charges. Operating costs rise to £541,000 from £511,000. Net assets as at October 31 increase to £42.7 million from £42.4 million a year earlier. Makes no revenue for the year. Adds that the continuing constructive discussions with the Public Welfare Ecclesiastical Foundation Panagia Akrotiriani are not impeding progress on the Itanos Gaia Project in Crete.

Chair Christopher Egleton says: ‘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.’

Current stock price: 1.02 pence each, up 1.9% on Friday morning in London

12-month change: down 18%

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