Final Results

Minoan Group PLC
11 July 2007

                        Preliminary Results Announcement

Minoan Group Plc, the AIM quoted-leisure resort developer, announces its
preliminary results for the year ended 31 March 2007



Chairman's Statement

Introduction

The past twelve months have been an exciting period of great progress for your
Company. Since my last Chairman's Statement, I am very happy to be able to say
that major advances have been achieved for Minoan's Project at Cavo Sidero in
north eastern Crete. These include the announcement by the Greek Government of
its approval of the Company's Environmental Impact Study ('EIS') and the
issuance of environmental terms plus the signing of the first Hotel Management
Agreement for the resort with Kempinski Hotels. In addition, on 2 May 2007, the
Company moved its listing from PLUS Markets to AIM, which the Board believes
will help raise its profile and status among investors and enhance the liquidity
of Minoan shares.

The EIS approval prompted a major upward revision of the independently assessed
valuation of the site on which Cavo Sidero will be built. The valuation has
increased from £80 million in June 2005, to £115 million.

We have a very strong Board in place and support from both national and local
government as befits one of the largest inward investments which Greece has yet
seen. These facts, plus the political stability of Greece, give me great
confidence in the direction your Company is taking. I look forward to a future
as exciting and satisfying as the last twelve months have proved.

The Cavo Sidero Project

EIS approval for the Cavo Sidero Project was hard won and is the reward for many
years of intensive effort by the Group and its advisers. The EIS is the final
significant hurdle for major planning applications. A single appeal has been
lodged against the consent. This was not unexpected and the Company has now been
informed that the appeal is scheduled to be heard on 2 November 2007. Given the
stated desire of both the Greek Government and the local communities in Crete
for the Cavo Sidero development to succeed, I am confident of a successful
conclusion to this process.

The recent publication of the Greek Government's draft Special Land Plan for
Tourism involves a major re-think of Greece's planning laws as they relate to
tourist infrastructure. In essence it should have a positive impact on the Cavo
Sidero Project. For the first time a structured approach will be provided for
the development of Greek tourism, raising substantially the quality of new
installations, recognising that market demands have broadened over the years to
include more facilities and elements, including holiday homes, and that certain
areas will become important hubs in the future (for example Sitia airport)
requiring new associated infrastructure. All of these aspects are relevant to
Cavo Sidero and, in particular, the Plan is expected to lead to the
simplification of the current legal complexities for holiday home owners.

I would like to make special mention of the Partnership Agreement signed with
Forum for the Future. Forum for the Future was founded in 1996 by a small group
of specialists in the field of sustainable development, including Jonathon
Porritt CBE, with whose team we are working closely. It has become an
international leader in the field of sustainability, fulfilling its mission
statement; 'To find practical ways private and public organisations can deliver
a sustainable future'. The partnership has led to a substantial strengthening of
all sustainability aspects of the Project, particularly in the fields of
reducing its carbon footprint, refining the strategy for maximising the use of
renewable energy, furthering the socio-economic and cultural involvement of the
local community and future-proofing the resort.

Chairman's Statement (continued)

Forum for the Future is helping the Board to achieve one of its primary
objectives - the creation, at Cavo Sidero, of the first major sustainable
tourist development in Europe.

Commercial

The Hotel Management Agreement signed with Kempinski Hotels is in respect of the
hotel to be built at Grandes Bay. Kempinski is Europe's oldest hotel management
group and is synonymous with distinctive luxury. Each hotel or resort in the
Kempinski stable is unique with its own character and charm, celebrating the
cultural traditions of its location. Grandes Bay will be part of that proud and
successful tradition.

Sitia International Airport

Sitia airport, just 25 minutes away from the resort, has been certified as an
international airport by the Greek Civil Aviation Authority and is currently
operational on a limited basis. Construction of a new terminal building has
commenced and this will be completed by the time Cavo Sidero becomes
operational.

Management Team

You will be aware that as part of the move to AIM it was decided to reduce the
size of the Minoan Board. As a result, Bill Cole and Tony Marshall have now
stepped down. Bill Cole remains Group Company Secretary and a director of all
Minoan's subsidiaries whilst Tony Marshall has retired.

I would like to repeat the Board's appreciation of all Tony's efforts over the
many years he has been involved with the Group. He leaves with our very best
wishes for the future.

Financial Results

At 31 March 2007 the book value of the Cavo Sidero Project was £27,807,246
(2006: £24,811,462). The nature of the Company's business means that certain
expenses, although attributable to the Project in overall terms, have to be
written off as incurred. These costs give rise to a loss for the year ended 31
March 2007 of £1,068,312 (2006: £904,350), which is in line with the Board's
expectations. The loss per share was 2.80p (2006: 3.20p).

Conclusion

My fellow directors and I are delighted to be able to report on a year in which
so much has been achieved. We are now looking forward to the first phase of the
construction process and the announcement of further hotel and other
partnerships. We are confident that shareholders will benefit from the
increasing value of the Company as the Cavo Sidero development progresses.

Christopher W Egleton
Chairman
10 July 2007




Consolidated Profit and Loss Account
Year ended 31 March 2007

                                                                  Year ended         Year ended
                                                               31 March 2007      31 March 2006
                                                                         GBP                GBP
                                                                       
Turnover                                                                   -                  -

Amortisation of goodwill                                            (265,000)          (265,000)
Other administrative expenses                                       (867,826)          (597,738)
Share option credit/(charges)                                         45,837            (42,647)
Operating loss                                                    (1,086,989)          (905,385)

Interest receivable and similar income                                19,018               1,285
Interest payable and similar charges                                    (341)               (250)

                                                                      18,677               1,035

Loss  on ordinary activities before taxation                      (1,068,312)           (904,350)
Tax on loss on ordinary activities                                         -                   -
Retained loss on ordinary activities after taxation for the
year                                                              (1,068,312)           (904,350)
Retained loss brought forward                                     (5,822,132)         (4,917,782)
Retained loss carried forward                                     (6,890,444)         (5,822,132)

Loss per share (see Note)                                             (2.80p)             (3.20p)

Reconciliation of movements in shareholders' funds
                                                                        2007                2006
                                                                         GBP                 GBP

Loss for the year                                                 (1,068,312)           (904,350)
Reserve movement in relation to share options                       (378,191)            230,100
New share capital subscribed                                       8,339,705           6,335,963
Net addition to shareholders' funds                                6,893,202           5,661,713
Opening shareholders' funds                                       25,426,020          19,764,307

Closing shareholders' funds                                       32,319,222          25,426,020



Note:

Earnings per share are calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares in issue
during the year. Diluted earnings per share are calculated by adjusting basic
earnings per share to assume the conversion of all dilutive potential ordinary
shares. In the case of losses however, these shares are antidilutive and as such
they are ignored in calculating diluted loss per share. Therefore the basic loss
per share and diluted loss per share are the same. The weighted average number
of shares used in calculating basic and diluted loss per share for the year
ended 31 March 2007 was  38,093,737 (2006: 28,238,962).



Consolidated Balance Sheet as at 31 March 2007
                                                                             2007             2006
                                                                              GBP              GBP
Fixed assets
Tangible assets                                                           151,291          148,561
Intangible assets                                                       3,307,776        3,572,776
Investments                                                                     -                -

                                                                        3,459,067        3,721,337
Current assets
Work in progress                                                       27,807,246       24,811,462
Debtors                                                                   319,876          196,714
Cash at bank and in hand
                                                                        3,811,117          419,499

                                                                       31,938,239       25,427,675

Creditors: amounts falling due within one year                         (3,078,084)      (3,722,992)

Net current assets                                                     28,860,155       21,704,683

Total assets less current liabilities                                  32,319,222       25,426,020

Capital and reserves
Called up share capital                                                11,937,653        9,215,980
Share premium account                                                  17,794,904       12,176,872
Merger reserve account                                                  9,348,724        9,348,724
Profit and loss account                                                (6,762,059)      (5,315,556)

Total equity shareholders' funds                                       32,319,222       25,426,020



These financial statements were approved by the Board of Directors on 10 July
2007.

Signed on behalf of the Board of Directors

C W Egleton

Director




Consolidated Cash Flow Statement
Year ended 31 March 2007


                                                              Year ended          Year ended
                                                           31 March 2007       31 March 2006
                                                                     GBP                 GBP

Net cash (outflow)/inflow from operating                      (3,894,793)            523,078
activities

Returns on investments and servicing of finance
Interest received                                                 19,018               1,285
Interest paid                                                       (341)               (250)

Net cash inflow for returns on investments and                    
servicing of finance                                              18,677               1,035

Capital expenditure and financial investment
Purchase of tangible fixed assets                                (14,286)            (89,182)

Net cash outflow for capital expenditure
and financial investment                                         (14,286)            (89,182)

Financing
Decrease in loans (net of loans repaid through                  
issue of shares)                                                (250,000)            (65,000)
Issue of ordinary share capital
  - Minoan Group Plc                                           7,532,020              37,500

Net cash inflow/(outflow) from financing                       7,282,020             (27,500)

Increase in cash                                               3,391,618             407,431


The financial information set out in this Preliminary Results Announcement,
which has been extracted from the audited Report and Financial Statements, does
not constitute the Company's statutory accounts for the year ended 31 March
2007.

The report of the auditors on the Report and Financial Statements for the year
ended 31 March 2007 was unqualified.

Minoan Group Plc's audited Report and Financial Statements for the year ended 31
March 2007 were approved by the Directors on 10 July 2007 and can be viewed on
the Company's website, www.minoangroup.com, with effect from 12 July 2007.

For further information contact:

Christopher Egleton                Minoan Group Plc                07808 722022
Bill Cole                          Minoan Group Plc                01689 897397
Geoff Nash                         J M Finn & Co                   020 7600 1658
Alan Frame                         Westport Communications Ltd     020 7404 7878


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