Fresh report on NoHo from Sauli and Arttu:
Good analysis once again, but I still consider the forecasts for Q3 and the rest of the year cautious, given that there are several growth drivers, especially in Finland:
- Tampere’s busy event-filled August and NoHo’s share of the Eppu Normaali concerts
- A recovery in consumer confidence
- A weak comparison period
- Good momentum across all business areas
- Synergies from Jungle Juice Bar
I personally see that there could even be room for a positive profit warning during the autumn; while the current guidance is for comparable EPS growth, we might end up with significant comparable EPS growth after all. Profitability should also remain at least at last year’s good level, if not approach 10% driven by the second half of the year. I don’t know, of course, what the thresholds are for when they deem it necessary to adjust the guidance.
Admittedly, though, it is often the case that when all the pistons in NoHo’s profit engine are firing, one of them soon starts to misfire for a while 
That seems to be more of a rule than an exception in this industry.