Shares of Northcoders Group plc rose as much as 20% on Tuesday after the provider of training programmes for software coding published its first set of annual results as a listed company, showing its 2021 revenue increased 124% to £3 million.

The Manchester, Leeds and Newcastle-based company announced last week it will expand further by opening a new training hub in Birmingham city centre.

Since its inaugural course in 2015, Northcoders has helped over 1,000 people from many backgrounds switch careers into tech, with average starting salaries of £25,500.

Northcoders joined the stock market at £1.80 per share in July 2021 and the stock rose as high as £3.70 in February. It now trades around £3.03.

Northcoders said it has increased its staff count to 63 from 37 to meet increased demand, and in January 2022 it successfully extended a UK Department for Education contract with an additional £1.65 million funding for courses to be delivered between February and September of 2022.

The firm continued to increase its “hiring partners” to over 315, including NHS Digital, PrettyLittleThing, Informa, AND Digital Limited, Wren Kitchens Limited and Sky Betting & Gaming.

It also engaged with a new funding partner, StepEx Limited, allowing applications from a more diverse range of backgrounds.

Northcoders CEO Chris Hill said: “We are delighted to report such a strong set of maiden financial results, demonstrating that Northcoders is successfully delivering its IPO growth strategy.

“Consumer and corporate demand for our services continues to increase, and we are now extending our reach across the UK as planned through our hybrid product offering.

“As the need for software and technology skills continues to increase, and digital transformation takes priority for organisations in almost every sector, Northcoders’ market leading reputation is driving demand for our training.

“This, coupled with our extended Government contract, gives us confidence in our ability to fulfil our significant growth ambitions.”