Minoan hurt by Brexit, Turkey and weak pound

Shares of Glasgow-based travel and holiday firm Minoan Group fell 8% after it said in a trading update that its business had been hurt by Brexit vote, the resulting weakness of sterling and the decline of tourism in Turkey.

Minoan said the Brexit vote “including the decline of sterling together with the ongoing situation in Turkey where tourism is down by 40%, has had a material effect, in particular in our market for late holidays due to the reduced availability of less expensive product.”

It said that in the past few months, the impact on its gross profit has been running at £100,000 per month.

Minoan concluded: “The Brexit vote, its associated effects and the situation in Turkey will have an as yet unclear but significant impact on the financial results for the current year.

“All the indications are that this effect is temporary in nature and that the outlook for future growth is healthy.”