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NoHo Partners Plc
STOCK EXCHANGE RELEASE 9 September 2021 at 9:00 a.m.
NoHo Partners’ turnover for August 2021 was approximately MEUR 18 and operating cash flow was positive by over MEUR 1
NoHo Partners Plc’s turnover in August 2021 was approximately MEUR 18, representing roughly 85 per cent of the turnover in the corresponding period in 2020 and roughly 65 per cent of the turnover in the corresponding period in 2019, before the COVID-19 pandemic. Operating cash flow in August exceeded MEUR 1.0.
NoHo Partners CEO Aku Vikström:
“Our positive cash flow generated by our business and turnover for August were around MEUR 18 and were in line with our expectations. Our international business has started promisingly with the removal of COVID-19-related restaurant restrictions in Denmark and Norway. Also the fast casual business, with Friends & Brgrs at the forefront, attracts consumers. Demand for restaurants is still very weekend-oriented and entertainment venues are burdened with strict restrictions. Although we are not yet operating at full power, I am pleased that we have managed to bring down the burn rate of costs and have learned to operate effectively in a limited environment, as evidenced by the positive cash flow generated by our business.
We estimate that in September the restaurant restrictions will still have a significant impact on our operating environment, and our turnover will be in the range of approximately MEUR 14–16, which means that the operating cash flow of the business will also remain positive. The booking situation for the rest of the year is good, but especially the organisation of corporate events now requires the rapid lifting of restrictions in October. The Finnish Government's updated coronavirus strategy promises to open up our country, but we are still waiting for the Ministry of Social Affairs and Health to provide concrete guidance on how and when the restaurant restrictions will start to be lifted and we can properly start our business.”
The development of business in September 2021 will be reported by the company during week 41.
More information is available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 011 1989
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655
NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. The well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs and Cock’s & Cows. Depending on the season, the Group employs approximately 2,100 people converted into full-time employees. The company’s vision is to be the leading restaurant company in Northern Europe. www.noho.fi