NoHo Partners’ August turnover was EUR 20.6 million – the company continues according to its basic scenario
NoHo Partners Plc
STOCK EXCHANGE RELEASE 8 September 2020 at 12:30
NoHo Partners’ August turnover was EUR 20.6 million – the company continues according to its basic scenario
NoHo Partners’ turnover in August 2020 was approximately EUR 20.6 million, which is approximately 75 per cent of the turnover in the corresponding period last year. The company’s operating cash flow in August was approximately EUR 2.4 million. With the help of an efficient operating model and cost savings, the company’s operative cash flow is strong, despite reduced volume.
Due to the unstable market situation, the company has drawn up three scenarios regarding the development of its business. Since early June, when restrictions on restaurants were gradually lifted, the company’s business has operated according to its basic scenario in which sales are approximately 70–85 per cent of the previous year’s level and operations are cash flow positive.
NoHo Partners CEO Aku Vikström:
“We are steering the business with a strong focus on cash flow, and I am very satisfied with our organisation’s ability to adapt our costs to match the reduction of volume by one fourth. Currently, our business is creating cash flow well in relation to the level of turnover and, with the August cash flow, we were even able to make loan payments. We are now approaching one of the slowest times of the year, which is further exacerbated by restrictions on international markets and domestic remote work recommendations. The lack of larger corporate events and business travel is evident in our weekday sales in Helsinki; however, on weekends, demand is still at a good level throughout the whole country due to private consumption. However, our operations are currently so strong that our operative cash flow will remain positive even through the low season in September.”
NoHo Partners aims to provide up-to-date information on the situation and the impact of the coronavirus pandemic on the Group’s business. In connection with the release of the January–March 2020 interim report on 9 June 2020, the Group announced that it will provide monthly reports on the development of its business during the exceptional circumstances caused by the coronavirus pandemic.
The development of turnover in September 2020 will be reported by the Group on 9 October 2020. The Group will report October developments in turnover in its January–September 2020 interim report on 10 November 2020.
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
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. In 2019, NoHo Partners Plc’s turnover was MEUR 272.8 and EBIT MEUR 30.6. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.
NoHo Partners corporate website: www.noho.fi/en
NoHo Partners consumer website: www.ravintola.fi/en