Northcoders (AIM:CODE), an independent provider of training programmes for software coding, announces its half year results for the six months ended 30 June 2022. The Group continues to deliver IPO strategy and geographic expansion, with record demand and continued support from UK government. Highlights include:
- Revenue more than doubled to £2.37 million in H1 2022 (H1 2021: £1.09 million), an increase of 117%
- Particularly strong demand for bootcamp training, delivering revenues in H1 2022 of £1.72 million (H1 2021: £0.93 million) as Northcoders continues to build its reputation as a leading technology training provider
- Growing contribution from Business Services of £0.20 million (H1 2021: £0.16 million), leveraging significant market opportunity as businesses struggle to manage UK tech skills gap
- Significant 62% increase in underlying adjusted EBITDA of £0.42 million (H1 2021: £0.26 million)
- Benefitted from efficiencies of hybrid teaching model with ongoing remote learning, combined with teaching in person at hubs, generating profits after tax of £0.19 million (H1 2021: £0.02 million), delivering adjusted EPS of 4.59 pence (H1 2021: 0.47 pence)
- Continued growth in demand with 3,494 applications in H1 2022 compared to 3,662 applications in FY 2021
- Further expansion of Business Services division supported by successful launch of new Developer Incubator, the Group’s “Teams-as-a-Service” model for businesses to hire teams of junior developers, managed by Northcoders’ internal consultancy team
- Well-known corporates such as On the Beach, Evri, HESA and Sky Bet have also started their training programmes in the Period
- Birmingham hub successfully launched with strong demand and Midlands based staff headcount increasing as planned
Post period end highlights include:
- Further Government support announced with £4million contract secured
- On track to deliver FY 2022 targets with Q3 2022 trading continuing at record levels and, as of 16 September 2022, contracted bookings for 2022 standing at £5.50 million, supported by persistently growing demand for technology engineers
- Approved Government supplier for corporate services after being accepted onto ‘Crown Commercial’, the UK Government’s procurement system
