The reopening of NoHo Partners’ restaurants has been promising – demand is growing as restrictions are lifted
NoHo Partners Plc
STOCK EXCHANGE RELEASE 6 July 2020 at 14:45
The reopening of NoHo Partners’ restaurants has been promising – demand is growing as restrictions are lifted
NoHo Partners’ turnover in June 2020 exceeded EUR 13.5 million, which is approximately 55 per cent of the turnover in the corresponding period last year.
At the end of June, approximately 30 per cent of the Group’s restaurants were closed. Staff restaurants, event restaurants and certain nightclubs will remain closed until August. Approximately 75 per cent of the Group’s entire personnel have returned to work either full-time or part-time.
NoHo Partners CEO Aku Vikström:
“Our business got off to a promising start in June. For restaurants and outdoor terraces, customer demand exceeded expectations and sales were on a par with the previous year. Total sales were approximately 45 per cent lower than in the corresponding period last year, weighed down by the restrictions that were still in place in early June and particularly affected the Group’s international business and entertainment venues. The lifting of a number of restrictions effective from 22 June 2020 had a significant impact on the Group’s turnover, as alcohol sales were extended to 1 a.m.
The operating cash flow of our business was positive in June and we were able to focus on the controlled resumption of our business and employing personnel. The outlook for the rest of the year has improved substantially since the Q1 interim report. Nevertheless, the market still involves significant uncertainty, which is why we will specify the outlook for the rest of the year when the picture becomes clearer.”
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 Group’s business is currently still being managed in a restricted operating environment.
The development of turnover in July 2020 will be reported by the Group in the first week of August.
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