NoHo Partners’ turnover for September was approximately MEUR 15 and operating cash flow was neutral
NoHo Partners Plc
STOCK EXCHANGE RELEASE 9 October 2020 at 8:00 a.m.
NoHo Partners’ turnover for September was approximately MEUR 15 and operating cash flow was neutral
NoHo Partners’ turnover for September 2020 was approximately MEUR 15, which is roughly 70 per cent of the turnover in the corresponding period last year. The turnover of the Finnish restaurant business was more than 70 per cent and the turnover of the international business was more than 50 per cent of the turnover in the corresponding period last year. The company’s operating cash flow was neutral in September.
The company’s turnover for July–September 2020 was more than MEUR 56, which is almost 75 per cent of the turnover in the corresponding period last year, and operating cash flow was approximately MEUR 5.5.
NoHo Partners has prepared for three different scenarios concerning the development of its operations during the exceptional situation caused by the COVID-19 pandemic. Until September, the company’s business operated according to the basic scenario in which sales are approximately 70–85 per cent of the previous year’s level.
On 29 September 2020, NoHo Partners announce that, due to the restrictions on restaurants put in place by the Finnish Government, the company estimates it will transition to conducting its business according to the low scenario, in which sales are at approximately 50 per cent of the previous year’s level.
NoHo Partners CEO Aku Vikström:
“September yet again proved the ability of our organisation to operate efficiently with a lower volume, which is mostly attributable to the hard work of our personnel. Operating cash flow was neutral with a turnover of approximately MEUR 15, which is a good indication of the flexibility of our cost structure in our group of 250 restaurants. We aim to pilot the company through the COVID-19 crisis without additional debt, and the third quarter gave a good boost to it, with business operations generating cash flows of approximately MEUR 5.5. October is one of the quietest months of the year, and with the strict restrictions imposed by the Finnish Government on top, we estimate that our turnover will drop to one-half of what it normally would be. As a result, the operating cash flow for October will be negative, but the quarter on the whole is estimated to be positive, even in the low scenario of a volume of approximately 50 per cent.”
NoHo Partners aims to provide up-to-date information on the situation and the impact of the COVID-19 pandemic on the Group’s business, and the company will report on the development of its business during the exceptional situation caused by the COVID-19 pandemic at a monthly level. 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/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. 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