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NoHo Partners’ turnover in March 2021 was approximately MEUR 4.2

NoHo Partners Oyj
·2-min read

NoHo Partners Plc

STOCK EXCHANGE RELEASE 13 April 2021 at 15:00

NoHo Partners’ turnover in March 2021 was approximately MEUR 4.2

NoHo Partners Plc’s turnover in March 2021 was approximately MEUR 4.2, which is roughly 20 per cent of the turnover for the corresponding period in 2019. Nearly half of the turnover consisted of sales in the first week of March, when restaurants were still open in Finland. The remainder of the turnover was generated by the takeaway sales of 47 restaurants.

NoHo Partners CEO Aku Vikström:

“In response to the restaurant closure that came into force in March, approximately 200 of our restaurants were closed and we continued the temporary layoffs of employees. Thanks to our quick action and in cooperation with our personnel, we were able to minimise the negative impacts of the closure. Due to the shutdown of business operations, operating cash flow in March was negative by a clear margin, but we estimate that some of this will be restored by the compensation still under consideration by the Finnish state. Consequently, we will only be able to assess the final results for March and the first quarter at a later time. We have secured our liquidity by driving our burn rate as low as possible while preparing for the gradual reopening of our business starting from the beginning of May. As our business environment remains unstable and the government’s decision-making is difficult to predict, we have also taken measures to prepare for the potential prolongation of the situation, such as by selling part of our holdings in Eezy and strengthening our cash position.”

The Group will report on the development of its turnover in April 2021 in its January–March 2021 interim report on 11 May 2021.

More information available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 50 576 1609
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. +358 40 721 5655

Distribution:
Nasdaq Helsinki
Major media
www.noho.fi/en

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, Yes Yes Yes, 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 workers. The company’s vision is to be the most significant restaurant company in Northern Europe. www.noho.fi/en