NoHo raised its turnover and EBIT margin guidance today. The company now expect above EUR 300m sales (earlier around EUR 300m) and above 8.5% EBIT margin (earlier above 8%). Guidance upgrade is due to better-than-anticipated demand after the summer, company’s own profitability development and good booking situation for the rest of the year. Refinitiv consensus has been expecting EUR 308m sales and a 9.4% EBIT margin before the positive profit warning and hence we do not expect any material revision to consensus 2022 expectations. However, it appears that the restaurant market is resilient in the current high inflationary and low consumer confidence environment. For Q3 (due on 8 November), we are in line with consensus on sales and 13% above on EBIT.

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