NoHo Partners: August sales at the top-end of expectations, cash flow expected to remain positive in September - Nordea

NoHo Partners released sales figures for the month of August. Sales were approximately EUR 18m (-15% y/y and -35% versus August 2019), while the company was expecting EUR 15-18m. Operating cash flow was positive and above EUR 1m. The company expects EUR 14-16m sales in September with positive cash flow, in line with earlier communication.

NoHo’s international business has started positively with the removal of COVID-19-related restaurant restrictions in Denmark and Norway. We have understood that pent-up demand is substantial which should continue to support recovery.

Booking situation for the rest of the year is good, while recovery in corporate events would require lifting of restrictions in Finland.

We note that Finnish Government has started actions to lift the restrictions in Finland which could occur in larger scale in October. For Q3, we expect EUR 60m sales (Refinitiv consensus EUR 58m), which requires September sales at the upper-end of the guided EUR 14-16m sales.

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