Positive profit warning: NoHo Partners Plc to increase its profit guidance for 2022

NoHo Partners Plc

INSIDE INFORMATION 22 JUNE 2022 at 9:45 a.m.

Positive profit warning: NoHo Partners Plc to increase its profit guidance for 2022

NoHo Partners Plc is updating its outlook and increasing its guidance for EBIT margin of the restaurant business in 2022.

“We estimate that the full-year EBIT margin of the restaurant business will exceed 8 %, supported by better-than-expected earnings development in the spring and early summer and compensation decisions confirmed by the Finnish, Norwegian and Danish governments for the first half of the year,” says NoHo Partners’ CEO Aku Vikström.

New profit guidance (as of 22 June 2022):

NoHo Partners estimates that, during the financial period 2022, it will achieve total turnover of approximately MEUR 300 and an EBIT margin of over 8 % in the restaurant business.

The Group’s long-term guidance remains unchanged: The Group aims to achieve turnover of approximately MEUR 400 and an EBIT margin of approximately 10 % during 2024. The company aims for the ratio of net debt to operational EBITDA, adjusted for IFRS 16 lease liability, to be under 3 and for dividends to be paid during the strategy period 2022–2024.

Previous profit guidance (as of 10 May 2022):

NoHo Partners estimates that, during the financial period 2022, it will achieve total turnover of approximately MEUR 300 and an EBIT margin of approximately 7 % in the restaurant business.

The Group aims to achieve turnover of approximately MEUR 400 and an EBIT margin of approximately 10 % during 2024. The company aims for the ratio of net debt to operational EBITDA, adjusted for IFRS 16 lease liability, to be under 3 and for dividends to be paid during the strategy period 2022–2024. The Group will update the estimate for the next financial period on an annual basis in conjunction with the publication of the financial statements release. The company will also provide monthly reports on the development of its business during the second quarter of 2022.

Additional information:
Aku Vikström, CEO, NoHo Partners Plc, tel. [phone]
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. [phone]

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, Campingen and Cocks & Cows. Depending on the season, the Group employs approximately 2,100 people converted into full-time employees. The Group aims to achieve turnover of MEUR 400 by the end of 2024. The company’s vision is to be the leading restaurant company in Northern Europe.