MINOAN Group has announced a rise in annual earnings in its travel and leisure division, in spite of a sharp decline in travel to Turkey following terrorist attacks and a steep fall in business after the Brexit vote.

It meanwhile declared that, if Greek media reports about the dismissal of appeals against a Presidential Decree approving its planned hotel and leisure development on Crete were confirmed, this would be a “transformational event” for Minoan.

However, chairman Christopher Egleton also cautioned that “joint ventures and other complex real estate transactions are not, by their nature, quick or easy to bring to a conclusion”.

Minoan said earnings before interest, tax, depreciation, and amortisation at its travel and leisure business had risen to £715,000 in the year to October 31, 2016, from £698,000 in the prior 12 months.

Total transaction value in this division came in at about £68m in the 12 months to October, up 11 per cent from £61m in the prior financial year.

Mr Egleton said: “This was achieved despite the Brexit referendum which caused an immediate and significant short-term drop in business, exacerbated by a 50 per cent drop in Turkish travel following terrorist activity.”

He added: “Having made the investment to secure continued growth, the bounce-back from the Brexit dip has continued and I regard it as encouraging that gross profit in the current year is running at a year-on-year growth rate of 16 per cent, and I expect a significantly better result in the current year.”

Gross profit in the travel and leisure business was £7.04 million in the 12 months to October 31, 2016, up eight per cent on the prior financial year.