NoHo certainly put in a strong performance in Q2. The figures have already been gone over by the company and analysts, but I’ll pick out a few highlights:
- The market in Finland is normalizing, which is nicely reflected in the figures as expected.
- The turnaround in Norway was successful, and we even saw a return to growth.
- The “weather hiccup” in Denmark in Q1 was indeed just a temporary hiccup, and the numbers were strong there as well.
- Entertainment restaurants in Finland are also showing growth figures again.
The CEO’s comments on the outlook are also promising, and it’s worth noting that in Tampere, the “NoHo capital” of Finland, it’s shaping up to be an all-time great August in terms of events:
“The recovery of consumer purchasing power has remained cautious, although some positive signs were already visible in the market during the quarter. However, the development of our company’s business provides a good starting point for the rest of the year. The highlights of late summer include three sold-out farewell concerts by Eppu Normaali in Tampere, for which NoHo Partners is responsible for all restaurant services. The events are expected to bring tens of thousands of visitors to the city and thus provide additional momentum for the business in the third quarter of the year.”
Furthermore, in the webcast, Suominen stated that July went according to the company’s plans. According to management, Norway’s sales in June weren’t really impacted by the Women’s World Cup yet; that has been more visible in the July sales.
Although the figures are certainly strong, I think the best part of the report was that many uncertainties/concerns (Denmark, Norway, entertainment restaurants) have faded away.