Northcoders ups revenue 55%, returns to profit

Northcoders CEO Chris Hill and CFO Charlotte Prior

Northcoders Group plc, the Leeds and Manchester-based provider of software coding training programmes which went public in July, said on Tuesday its revenue rose 55% to £1.085 million in the six months ended June 30 despite teaching being limited to online only for the majority of the period.

Northcoders reported a return to profitability, generating profits before tax of £0.018 million compared to a loss of £0.543 million a year earlier.

Post-period end, the firm’s successful IPO raised funds of £3.5 million to accelerate the group’s growth strategy and geographic expansion.

Northcoders added in a stock exchange statement: “Q3 FY 2021 trading continues at record levels and as of 20 September 2021 contracted bookings stood at £2.871 million, approximately 96% of the target revenue for FY 2021, giving the group confidence in delivering FY 2021 results in line with expectations.”

Northcoders Group CEO Chris Hill said: “2021 has been a hugely successful year for Northcoders so far and I would like to thank all of the team for their efforts.  

“Not only did we successfully complete our IPO and raise fresh capital to accelerate our expansion, but demand for our services has hit record highs, giving us confidence in our ability to deliver returns to our new shareholders. 

“As the digital skills gap gains greater public attention and career changes are more widely considered by individuals, we are confident that we are well positioned to capitalise on this growth in the IT training sector. 

“We have a best-in class reputation among consumers and corporates alike, and our recent success in securing government funding gives us strong revenue visibility.  

“We are now training students across the length and breadth of the UK, and believe that the full scope of our business model, combined with the benefits of our public listing, will only serve to continue this expansion.”