NoHo Partners: Expects positive cash flow to stay - Nordea

NoHo Partners reported Q2 EBIT of EUR -1.8m, +51% versus Refinitiv consensus. Q2 net sales were EUR 34.5m, fairly in line with pre-released sales figures. Operating cash flow was EUR +0.7m in Q2, while cash position was EUR 7.6m at the end of June. Government grants were EUR 4.5m in Q2 (we had expected EUR 4.9m). July sales exceeded EUR 25m and were nearly on a par with 2019 level, while the company expects August and September sales to exceed EUR 14m (We have modelled EUR 69m sales for Q3). July cash flow was EUR +4.5m, while the company expects positive cash flow in August and September. Relative profitability was substantially higher in July compared to 2019 and 2020. The company does not issue guidance due to uncertain market environment and continues with monthly sales reporting.

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