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Profit warning: NoHo Partners lowers its guidance for 2021

NoHo Partners Plc

INSIDE INFORMATION 21 December 2021 at 23:22

Profit warning: NoHo Partners lowers its guidance for 2021

NoHo Partners Plc lowers its profit guidance for 2021, published on 9 November 2021, as a result of strict restrictions on restaurant opening hours, local restrictions on gatherings and the Finnish government’s decision to abolish the use of COVID-19 passport. As a consequence, the company will have to close almost all of its restaurants in Finland and lay off nearly all of its personnel.

According to the company’s new outlook, the operating cash flow in the fourth quarter of 2021 is estimated to be more than MEUR 8 positive (the previous outlook: more than MEUR 10 positive) and more than MEUR 10 positive for the full financial year 2021 (the previous outlook: approximately MEUR 12 positive).

The turnover is estimated to be less than MEUR 70 in the fourth quarter of 2021 (the previous outlook: approximately MEUR 70) and approximately MEUR 185 for the full financial year 2021 (the previous outlook: approximately MEUR 190).

New profit guidance for 2021:

NoHo Partners estimates that, in the final quarter of 2021, the Group will achieve a total turnover of less than MEUR 70 and the turnover for the full financial year 2021 will amount to approximately MEUR 185.

The Group’s operating cash flow is estimated to be more than MEUR 8 in the positive in the final quarter of 2021 and more than MEUR 10 in the positive for the full financial year 2021.

NoHo Partners will update its guidance for 2022 in connection with the financial statements release for 2021.

Previous profit guidance, published on 9 November 2021:

NoHo Partners estimates that, in the final quarter of 2021, the Group will achieve a total turnover of approximately MEUR 70 and the turnover for the full financial year 2021 will amount to approximately MEUR 190.

The Group’s operating cash flow is estimated to be more than MEUR 10 in the positive in the final quarter of 2021 and approximately MEUR 12 in the positive for the full financial year 2021.

NoHo Partners will update its guidance for 2022 in connection with the financial statements release for 2021.

More information 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

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, 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 aims to achieve turnover of approximately MEUR 400 by the end of 2024. The company’s vision is to be the leading restaurant company in Northern Europe.