Restamax Plc: PROFIT WARNING: DESPITE STRONG GROWTH RESTAMAX LOWERS ITS 2014 PROFIT GUIDANCE

Restamax Plc

STOCK EXCHANGE RELEASE 24 October 2014 at 10:00

PROFIT WARNING: DESPITE STRONG GROWTH RESTAMAX LOWERS ITS 2014 PROFIT GUIDANCE

Restamax Plc lowers its 2014 profit guidance. Even though the company will achieve a good result this year, the company's profit development in September and October has been poorer than expected.

Among other reasons, a weak general economic situation, weakening of consumers' purchasing power and dwindling demand have affected the weakened outlook for the remainder of the year.

"We can detect clear changes in customer behaviour; customers spend less than before and their average purchases are smaller. According to estimates, demand will dwindle towards year-end," says Restamax CEO Markku Virtanen.

The strong growth Restamax Plc has experienced has generated more one-off costs than anticipated. The general increase in the cost level has influenced the investments made more than forecast, which has had a great impact on operating profit.

"The result our company achieved in September, especially, is considerably poorer than expected. Despite a challenging operating environment, we have maintained our profitability level and will this year achieve a good result, considering the circumstances," says Virtanen.

The company's new profit guidance for 2014:

Restamax estimates that the 2014 turnover will increase to MEUR 84.0-90.0. The company estimates that the 2014 EBITDA will increase to MEUR 11.5-13.0 and that operating profit will increase to MEUR 5.5-7.0.

The company's previous guidance for 2014 (as of 5 March 2014):

Restamax estimates that the 2014 turnover will increase to MEUR 86.0-97.0. The company estimates that the 2014 EBITDA will increase to MEUR 14.5-16.3 and that operating profit will increase to MEUR 8.7-10.4.

Restamax's interim report for January-September 2014 will be published on 7 November 2014.

Additional information:
Markku Virtanen, Restamax Plc, CEO, tel. +358 400 836 477
Timo Laine, Restamax Plc, Chairman of the Board, tel. +358 400 626 064

Distribution:
NASDAQ OMX Helsinki
Key media
www.restamax.fi

Restamax Plc is a Finnish restaurant business group established in 1996, which also offers labour hire services. In 2013, Restamax became the first Finnish restaurant company to list on NASDAQ OMX Helsinki and has grown strongly throughout its history. The group companies include over 80 restaurants, cafés, pubs and nightclubs all over Finland. Well-known restaurant concepts of the Group include Gringos Locos, Bodega Salud, Viihdemaailma Ilona, American Diner, Daddy's Diner, Stefan's Steakhouse and Wayne's Coffee Suomi. Restamax Plc employs approximately 900 people, the Group's pro forma turnover in 2013 was MEUR 87.0 and EBITDA MEUR 13.3.

Restamax company website: www.restamax.fi, Restamax consumer website: www.ravintola.fi