Strategic focus on profitable growth
Strategy for the 2019–2021 strategy period:
Stock exchange release (inside information) 13 March 2020 at 9:30:
NoHo Partners Plc issues a profit warning, changes its profit distribution proposal and commences personnel adjustment measures in the changed market situation
The COVID-19 pandemic has had a serious impact on the company’s market and the restaurant industry as a whole, and the sudden change in the market has considerably affected the company’s operations starting from March 2020. Due to the acceleration of the pandemic and the resulting restrictions on restaurants, the Group will continue to operate in a restricted business environment for the remainder of 2020.
On 13 March 2020, NoHo Partners cancelled its previously issued profit guidance for 2020 due to the impact of the COVID-19 pandemic. At this time, the company will not specify its turnover and profitability forecast for 2021 due to the uncertain market situation. The financial impact of the pandemic on the Group’s business and outlook cannot be fully determined at present. The profit guidance for next year will be updated when visibility is improved and the overall impact of the COVID-19 pandemic on the operating environment and the Group’s business can be assessed more accurately. The restriction on business activities, potential changes to the restrictions and the global economic uncertainty will have a significant impact on the Group’s turnover and financial result for the remainder of the year 2020. The company will provide monthly reports on the development of its business during these exceptional circumstances.
The Group cancelled the long-term financial targets previously set for 2021 on 9 June 2020. The Group will specify the targets for the strategy period 2021–2023 during the first half of 2021.
Previous Profit Guidance (as of 5 March 2020):
NoHo Partners estimates that, during the financial period 2020, the Group will achieve a total turnover of approximately MEUR 300 and an EBIT margin of approximately 9 per cent. The turnover of the restaurant business (comparable continuing operations) is estimated to be approximately MEUR 300 and the EBIT margin approximately 7.5 per cent.
In terms of the Group’s restaurant business, the goal is to achieve a turnover of approximately MEUR 350 and an EBIT margin of approximately 8 per cent by the end of 2021. The Group will update the estimate for the financial period on an annual basis in conjunction with the publication of the result for the fourth quarter.
The vision is to be the most significant restaurant company in Northern Europe, which has also partly dictated Restamax’s need to reinvent its identity.
To develop interesting new restaurants and concepts for all target groups.
Our operations and decisions are steered by our entrepreneurship, people, quality, profitability and responsibility.