Northcoders first-half revenue up 117%

Northcoders Group plc said its revenue rose 117% to £2.37 million in the six months ended June 30, 2022, with the firm reporting particularly strong demand for its bootcamp training sessions.

Gross profit increased 110% to £1.66 million.

Northcoders is a provider of training programmes for software coding and is based in Manchester, Leeds, Newcastle and Birmingham.

The firm joined the Stockmarket at about £1.80 per share in July 2021 and its shares have since doubled in value.

Northcoders CEO Chris Hill said: “More than doubling revenues in the first half of the year is testament to the growing reputation of Northcoders as one of the UK’s leading technology training providers, with a business model that is able to evolve to meet the demands of individuals and corporates alike.

“The continuing Government support for technology training serves to highlight the significant digital skills gap in the UK.

“The lack of qualified engineers is limiting the progress of businesses nationwide which in turn is holding back a domestic economic recovery.

“This is combined by a lack of diversity in the technology sector that requires immediate attention as it ultimately further limits the supply of quality engineers and impedes the levelling up agenda.

“A shortage of talent is simultaneously pushing sector salaries to all time highs and increasing the attractiveness of the career path and demand for Northcoders services.

“As the group moves into the second half of the year Northcoders is continuing to deliver on its growth strategy as a result of this unabated demand and there is significant confidence in the group’s ability to provide all stakeholders with sustainable and profitable long term growth.”

 

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