(Sharecast News) - Technology training company Northcoders announced the successful securing of additional funding through the Department for Education's Skills Bootcamp Dynamic Purchasing System 2 bid (DPS) on Tuesday.
The AIM-traded firm said the funding injection would amount to £10m, earmarked for the training of individuals enrolled in Northcoders' bootcamp programmes.
It said it would be disbursed over 18 months, and would significantly contribute to its revenue outlook for the 2024 financial year and the first half of 2025.
The funding would also drive an 18.6% rise in revenue per student, aligning with Northcoders' strategic emphasis on bolstering short-term profitability.
It said the latest funding allocation pertained to its core B2C offerings, encompassing software engineering, data engineering, and cloud engineering bootcamps.
Northcoders said it was the fourth consecutive year in which the company had succeeded in securing augmented government funding for its bootcamp initiatives.
"This a fantastic demonstration of Northcoders' reputation as a market leading, quality technology training company," said chief executive officer Chris Hill.
"With the global skills challenge increasing through the continuous introduction of emerging technologies, training in these fields has become a priority across public and private sectors.
"Knowing we are the provider of choice is a testament to the team and the business we have built."
Hill added that the contract provided Northcoders with strong visibility and dependable cash flow for the year ahead, leading the company to enter 2024 with confidence.
At 1009 GMT, shares in Northcoders Group were up 20.74% at 163p.
Reporting by Josh White for Sharecast.com.
Northcoders Grp (CODE)