NoHo Partners’ turnover for May 2021 was approximately MEUR 11 and operating cash flow was MEUR -1.6

NoHo Partners Plc

STOCK EXCHANGE RELEASE 10 June 2021 at 9:00

NoHo Partners’ turnover for May 2021 was approximately MEUR 11 and operating cash flow was MEUR -1.6

NoHo Partners Plc’s turnover for May 2021 was approximately MEUR 11, which is roughly 50 per cent of the turnover for the corresponding period in May 2019, prior to the COVID-19 pandemic. Operating cash flow was approximately MEUR -1.6 in May.

NoHo Partners CEO Aku Vikström:

“May's turnover and operating cash flow exceeded our forecast. Although cash flow was still negative in May, I welcome the reduction in burn rate thanks to strict cost control and evolving sales. In June, the operating cash flow from our business will already turn positive, and as the restrictions clearly start to unwind, we will be able to catch up with the reconstruction of the business and get our staff back to work. Denmark and Norway, where the government has lifted restrictions faster than in Finland, business has picked up briskly and signals confidence in a rapid recovery of demand, which is, naturally, reinforced by the good weather in early summer and the strong willingness of our staff to get back to customer work.”

The development of turnover in June 2021 will be reported by the company during week 28.

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

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 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 most significant restaurant company in Northern Europe. www.noho.fi