Interim Results

Minoan Group PLC
20 December 2007


                          Interim Financial Statements

Minoan Group Plc ('Minoan or 'the Company'), the AIM-quoted leisure resort
developer, presents its unaudited interim financial statements for the half-year
ended 30 September 2007

Chairman's Statement

Cavo Sidero Update

I am pleased to report that we are continuing to work towards development of the
Cavo Sidero Project. To this end Minoan has recently announced the winners of
the Company's architectural competition for the design of 'Grandes Bay' - Cavo
Sidero's first tourism village.

Competition submissions were reviewed by a committee comprising independent
members and company executives. The submissions were all of the highest calibre
and the committee has nominated two practices as joint winners, recognising that
each has much expertise to offer the Project, albeit in different, but
complementary, fields.

The first is that of Alexandros Tombazis, one of the most prominent members of
the Greek architectural community whose practice is famous for the quality and
pioneering character of its designs. Its work has been acknowledged on many
occasions both in Greece and abroad with prizes in 110 national and
international competitions. As well as projects in Greece, Mr Tombazis' practice
has undertaken commissions in Cyprus, Portugal, the Netherlands, Bulgaria,
Romania, Ukraine, Dubai and the Middle East.

The Alexandros Tombazis practice has a reputation for its sustainable design
solutions and is a leading expert on bioclimatic design in Greece. It also has
experience directly related to the Cavo Sidero Project having been involved in a
number of tourist projects in the area, including Candia Park Village in Crete
and the Navarino Development in the Peloponnese.

The second firm selected is Baldrich Tobal, a well established Spanish practice
with a particular expertise in tourist resorts, hotels, golf destinations and
leisure homes. The practice has, until now, predominantly delivered leisure
projects within the mainstream Spanish market. Hotels include Las Dunas,
Kempinski, Istan Valley, Marriott and Marbella del Este.

Baldrich Tobal are experts in resort planning and have a deep understanding of
operator requirements and the commercial factors required to achieve a
successful resort, allied to a comprehensive understanding of how to deliver
sustainable solutions and good bioclimatic design.

With construction planned to commence next year, Minoan also recently announced
an enhanced shareholder loyalty scheme. The scheme has been successful to date
with the Company receiving an encouraging number of enquiries. The enhanced
scheme, which applies to both new and existing shareholders, provides improved
benefits rewarding long term shareholders with substantial discounts on a range
of properties.

Appeal
As previously announced, at the beginning of November Minoan was advised that
the hearing of the appeal lodged against the Greek Government's approval of its
Environmental Impact Assessment has been postponed. The new date for the hearing
before a Plenary Session of the Greek Council of State is 14 March 2008.

Results
The unaudited interim results for the half-year ended 30 September 2007, which
include the costs associated with the Company's move to AIM on 2 May 2007, are
set out below and are in line with the Board's expectations.

This is the first period in which the International Financial Reporting
Standards ('IFRS'), as adopted by the EU, have been applied. As a consequence,
comparatives have been restated from UK GAAP to IFRS. The only adjustment to
previously reported numbers relates to the requirement under IFRS not to
amortise goodwill and instead test it annually for impairment. All other changes
arising from the transition to IFRS are presentational only (see Note 2).

The Consolidated Unaudited Income Statement includes a charge in respect of
share based payments as required under IFRS 2. This charge, which arises from
the Company's recently adopted Long Term Incentive Plan, does not involve any
cash payment (see Note 3).



Christopher W Egleton

Chairman
20 December 2007


Unaudited Consolidated Income Statement
Half-year ended 30 September 2007

                         Half-year ended          Half-year ended 30 Sept 2006
                            30 Sept 2007                                   GBP
                                     GBP

Revenue                                -                                     -
Cost of sales                          -                                     -
                             -------------                            ----------
Gross profit                           -                                     -

Operating
expenses                        (762,203)                             (204,408)
Charge in respect
of share based
payments (see
Note 3)                         (334,145)                                    -
                             -------------                            ----------
Operating loss                (1,096,348)                             (204,408)

Finance income                    65,824                                   770
Finance costs                          -                                   (11)
                             -------------                            ----------
Loss before
taxation                      (1,030,524)                             (203,649)

Taxation expense                       -                                     -
                             -------------                            ----------
Loss for
half-year                     (1,030,524)                             (203,649)
                             -------------                            ----------

Loss per share attributable to
the equity holders of the
Company (see Note 4)               (2.11p)                               (0.57p)


The notes on pages 7 and 8 form an integral part of this unaudited half-yearly
financial information.


Unaudited Statement of Changes in Equity

Half year ended 30 September 2006

                    Capital   Other reserves           Retained   Total equity
                        GBP              GBP           earnings            GBP
                                                            GBP                
Balance at 1
April 2006       21,392,852        9,348,724         (5,315,556)    25,426,020
Loss for the
half year                 -                -           (203,649)      (203,649)
                  ---------        ---------          ---------      ---------
Total recognised
income for the
half year 30
September 2006   21,392,852        9,348,724         (5,519,205)    25,222,371
Proceeds from
shares issued     1,136,832                -                  -      1,136,832
                  ---------        ---------          ---------      ---------
Balance at 30
September 2006   22,529,684        9,348,724         (5,519,205)    26,359,203
                  ---------        ---------          ---------      ---------

Half year ended 30 September 2007

                    Capital   Other reserves           Retained   Total equity
                        GBP              GBP           earnings            GBP
                                                            GBP                
Balance at 1
April 2007       29,732,557        9,348,724         (6,497,059)    32,584,222
Loss for the
half year                 -                -         (1,030,524)    (1,030,524)
                  ---------        ---------          ---------      ---------
Total recognised
income for the
half year 30
September 2007   29,732,557        9,348,724         (7,527,583)    31,553,698
Proceeds from
shares issued     1,553,601                -                  -      1,553,601
Charge in
respect of share
based payments            -                -            334,145        334,145
                  ---------        ---------          ---------      ---------
Balance at 30
September 2007   31,286,158        9,348,724         (7,193,438)    33,441,444
                  ---------        ---------          ---------      ---------


Unaudited Consolidated Balance Sheet as at 30 September 2007

                                                  30     31 March           30
                                           September         2007    September
                                                2007                      2006
                                                 GBP          GBP          GBP
Assets
Non-current assets
Tangible assets                              156,929      151,291      142,082
Intangible assets                          3,572,776    3,572,776    3,572,776
                                           ---------    ---------   ----------
Total non-current assets                   3,729,705    3,724,067    3,714,858
                                           ---------    ---------   ----------

Current assets
Inventories                               29,111,598   27,807,246   26,285,050
Receivables                                   31,059      319,876      192,724
Cash and cash equivalents                  2,016,121    3,811,117       66,948
                                           ---------    ---------   ----------
Total current assets                      31,158,778   31,938,239   26,544,722
                                           ---------    ---------   ----------
                                           ---------    ---------   ----------
Total assets                              34,888,483   35,662,306   30,259,580
                                           ---------    ---------   ----------

Equity
Capital and reserves attributable to
equity holders of the Company
Share capital                             12,333,010   11,937,653    9,679,849
Share premium account                     18,953,148   17,794,904   12,849,835
Merger reserve account                     9,348,724    9,348,724    9,348,724
Retained earnings                         (7,193,438)  (6,497,059)  (5,519,205)
                                           ---------    ---------   ----------
Total equity                              33,441,444   32,584,222   26,359,203
                                           ---------    ---------   ----------

Liabilities
Non-current liabilities
Borrowings                                         -            -      250,000
                                           ---------    ---------   ----------
Total non-current liabilities                      -            -      250,000
                                           ---------    ---------   ----------

Current liabilities
Trade and other payables                     195,191      191,392      622,040
Current taxation liabilities                  29,215       54,563       64,378
Provisions for other liabilities and
charges                                    1,222,633    2,832,129    2,963,959
                                           ---------    ---------   ----------
Total current liabilities                  1,447,039    3,078,084    3,650,377
                                           ---------    ---------   ----------
                                           ---------    ---------   ----------
Total liabilities                          1,447,039    3,078,084    3,900,377
                                           ---------    ---------   ----------
                                           ---------    ---------   ----------
Total equity and liabilities              34,888,483   35,662,306   30,259,580
                                           ---------    ---------   ----------


Unaudited Consolidated Cash Flow Statement
Half-year ended 30 September 2007

                                            Half-year ended    Half-year ended
                                               30 Sept 2007       30 Sept 2006
                                                        GBP                GBP
                                                -----------        -----------

Cash flows from operating activities
- continuing operations                          (1,854,644)        (1,108,895)
                                                -----------        -----------
Cash flows
from operating
activities -
net                                              (1,854,644)        (1,108,895)
                                                -----------        -----------
Cash flows from investing activities
Purchase of
tangible fixed
assets                                               (9,197)            (2,997)
Exchange loss
re tangible
fixed assets                                         (3,542)                 -
                                                -----------        -----------
Cash flows
from investing
activities                                          (12,739)            (2,997)
                                                -----------        -----------

Cash flows from financing activities
Finance income                                       65,824                770
Finance costs                                             -                (11)
Issue of ordinary
shares -
Minoan Group Plc                                      6,563            758,582
                                                -----------        -----------
Cash flows
from financing
activities - net                                     72,387            759,341
                                                -----------        -----------
                                                -----------        -----------
Net decrease
in cash and cash
equivalents                                      (1,794,996)          (352,551)
                                                -----------        -----------
Net decrease
in cash and cash
equivalents                                      (1,794,996)          (352,551)
Cash and cash
equivalents at
start of period                                   3,811,117            419,499
                                                -----------        -----------
Cash and cash
equivalents at
end of period                                     2,016,121             66,948
                                                -----------        -----------

Notes to the unaudited interim results
Half-year ended 30 September 2007

1. General information

The Company is a public limited company incorporated in the UK and quoted on the
Alternative Investment Market of the London Stock Exchange. The company's
principal activity is the design, creation, development and management of its
luxury resort development at Cavo Sidero in North East Crete.

2. Basis of preparation

The interim financial statements for the half-year ended 30 September 2007
comprise a consolidated income statement, consolidated balance sheet,
consolidated cash flow statement plus relevant notes.

The interim financial statements are unaudited and do not constitute statutory
accounts as defined in Section 240 of the Companies Act 1985. A copy of the
financial statements for the year ended 31 March 2007 has been delivered to the
Registrar of Companies. The financial statements for the year ended 31 March
2007 were approved by the Board on 10 July 2007.

The interim financial statements have been prepared in accordance with the
accounting policies that will be applied when the Group prepares its first set
of audited financial statements, as at 31 March 2008, in accordance with
International Financial Reporting Standards ('IFRS') as adopted by the EU.

The Group has chosen not to adopt IAS 34 'Interim Financial Statements' in
preparing its 2007 interim statements.

This is the first period in which IFRS have been applied and comparatives have
been restated from UK GAAP to comply with IFRS. The only adjustment to
previously reported numbers relates to the requirement under IFRS not to
amortise goodwill and instead test it annually for impairment. All other changes
arising from the transition to IFRS are presentational only.

                                                        IFRS           UK GAAP
Half-year ended 30 September 2006
Loss for half-year                                  (203,649)         (336,149)
Total assets                                      30,259,580        30,127,080

Half-year ended 30 September 2007
Loss for half-year                                (1,030,524)       (1,163,024)
Total assets                                      34,888,483        34,490,983

3. Charge in respect of share based payments

During the period the Group implemented a Long Term Incentive Plan ('LTIP') in
which any director or employee selected by the remuneration committee may
participate. Awards under the LTIP have been granted on the basis that certain
performance conditions are met.

A charge has been made for the value of the LTIP using the Black-Scholes or
Monte Carlo pricing models as appropriate. This charge, shown as a charge in
respect of share based payments in the Unaudited Consolidated Income Statement,
does not involve any cash payment.

4. Loss per share attributable to the equity holders of the Company

Earnings per share are calculated by dividing the earnings attributable to
equity holders by the weighted average number of ordinary shares in issue during
the period. 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 half-year
ended 30 September 2007 was 48,766,660 (2006: 35,968,677).


Minoan Group Plc's unaudited interim financial statements for the half-year
ended 30 September 2007 can be viewed on the Company's website,
www.minoangroup.com, with effect from 21 December 2007.

For further information contact:
Christopher Egleton Minoan Group Plc 07808 722022
Bill Cole Minoan Group Plc 01689 897397
Jeremy Garrett-Cox/Nicola Marrin Seymour Pierce Limited 020 7107 8000
Nick Rome/Nick Farmer Bishopsgate Communications Ltd 020 7562 3350
Alan Frame Westport Communications Ltd 020 7404 7878





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