Last checked at 25 Jan 2022 07:00
For immediate release | 25 January 2022 |
Northcoders Group PLC
('Northcoders' or the 'Group')
Trading Update
Notice of Full Year Results
Northcoders (AIM:CODE), the independent provider of training programmes for software coding, is pleased to provide its trading update for the year ended 31 December 2021 ('the Period').
The Group has delivered a strong result. Underlying performance was in line with expectations and, as previously reported, cashflow benefitted from the additional course funding available from the Group's contract under the Department for Education's "Lifetime Skills Guarantees" and "Plan for Jobs" initiatives, secured in July 2021. Non-underlying costs are expected to be lower than expectations and therefore the reported result will be ahead of market expectations.
Revenue visibility for the new financial year to December 2022 stands at just over £3 million.
Consumer demand for the Group's core boot camp courses is growing strongly and we are pleased to report that the Group has now commenced its largest ever cohort with more than 100 students starting the course this month. With the benefit of increased marketing spend and geographic presence, the Board expects this growth in demand to continue as Northcoders significantly expands its list of hiring partners with large organisations such as AND Digital Limited, Wren Kitchens Limited and Sky Betting & Gaming.
A training hub in Newcastle has also been successfully opened to complement the Group's presence in Manchester and Leeds. Further hubs are planned to open in Birmingham and Liverpool over the next 12 months and we have received a special request from, Jason Stockwood, the Chairman of Grimsby Town Football Club to establish a facility at their stadium, which is indicative of the potential for further growth. Furthermore, the Group has also engaged with a new funding partner, Stepex Limited, allowing more students from a diverse range of backgrounds to benefit from the life-changing education that the Group provides.
As the national reach of Northcoders has expanded, the Group's Apprenticeship division also delivered contracts across the breadth of England. An increasing number of large employers, such as online fashion retailer, Pretty Little Thing, and logistics company, Hermes, are seeing the benefit of engaging with Northcoders to deliver apprenticeship courses on their behalf. The Group has also launched its new apprenticeship "hire to train" programme which is proving to be very popular with both corporates and individuals alike.
The Group is also pleased to report that the Department for Education has advised that funding has been increased further, due to the successful delivery of student courses through the first funding round. This increase entails a further £1.65 million in funding for training courses to be delivered between February and September of this year. This is a credit to the team within Northcoders who, despite increased Covid restrictions, managed to award 294 training programmes at short notice on behalf of the Department for Education in the six months ending January 2022.
The Group will release its full year results for the period to 31 December 2021 on 26 April 2022.
Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) ("MAR") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
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For further enquiries:
Northcoders Group plc | Via Buchanan | |
Chris Hill, CEO | Tel: +44 (0) 20 7466 5000 | |
Charlotte Prior, CFO
| www.northcodersgroup.com | |
WH Ireland Limited (Nominated Adviser & Joint Broker) | Tel: +44 (0)20 7220 1666 | |
Mike Coe | ||
Sarah Mather | ||
Peterhouse Capital Limited (Joint Broker) | Tel+44 (0) 20 7220 9797 | |
Duncan Vasey | www.peterhousecap.com | |
Lucy Williams
| ||
Buchanan Communications | Tel: +44 (0) 20 7466 5000 | |
Henry Harrison-Topham | northcoders@buchanan.uk.com | |
Stephanie Whitmore | ||
Tilly Abraham | ||
Notes to Editors
Northcoders is a market leading provider of B2B and B2C coding and software development training. Founded in 2015, its business model operates a hybrid structure with flagship sites in Manchester, Leeds and Newcastle supported by a best in class digital offering to businesses and individuals across the UK.
Powered by IP rich technology, Northcoders' coding school offers boot camp courses to consumers from a range of backgrounds, delivered through virtual and physical learning. The Group also works with blue chip corporates across multiple sectors to supply innovative EdTech solutions for the upskilling and reskilling of employees, and is a registered provider of government-backed apprenticeships in the field.
With a keen focus of inclusivity, diversity and quality at its core, Northcoders aims to address the digital skills gap in the UK to meet the increasing demand for digital specialists from corporates and government. It operates in a significant and growing market with structural growth trends further accelerated by Covid-19.
Northcoders was admitted to trading on AIM in July 2021 with the ticker CODE.L. For additional information please visit www.northcodersgroup.com .