NoHo Partners’ turnover for February 2022 was over MEUR 15 and operating cash flow turned positive
NoHo Partners Plc
STOCK EXCHANGE RELEASE 11 March 2022 at 9:30 a.m.
NoHo Partners’ turnover for February 2022 was over MEUR 15 and operating cash flow turned positive
NoHo Partners Plc’s turnover in February 2022 was over MEUR 15, representing growth of about 90 per cent compared to the corresponding period in 2021 and amounting to roughly 90 per cent of the turnover in the corresponding period in 2019, before the COVID-19 pandemic. In February 2022, operating cash flow turned positive.
NoHo Partners CEO Aku Vikström:
“Our business recovered quickly as the restrictions were relaxed in mid-February. Customer demand, especially in restaurants, recovered even faster than we expected, and our turnover exceeded our earlier estimate of MEUR 13–15. Operating cash flow, which turned positive in the middle of the month after the easing of restrictions, was enough to turn the full-month cash flow into positive.
The lifting of the restaurant restrictions at the beginning of March caused particularly high demand in entertainment venues and nightclubs during the first weekend. As a result of this and the strong booking situation of restaurants, we are raising our previous estimate of turnover for March (more than MEUR 21) to more than MEUR 23 and operating cash flow to more than MEUR 3 (MEUR 2-3).”
The company will report on the development of its business in March 2022 during week 15. The company will provide monthly reports on the development of its business under these exceptional circumstances until further notice.
More information is available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. +358 44 235 7817
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, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi, Friends & Brgrs and Cocks & Cows. Depending on the season, the Group employs approximately 2,100 people converted into full-time employees. The company aims to achieve a turnover of approximately MEUR 400 by the end of 2024. The company’s vision is to be the leading restaurant company in Northern Europe.