Last checked at 31 Aug 2021 07:00
For immediate release | 31 August 2021 |
Northcoders Group PLC
('Northcoders' or the 'Group')
Trading Update
Notice of Interim Results
Northcoders (AIM:CODE), an independent provider of training programmes for software coding, is pleased to provide its maiden trading update following its admission to AIM on 27 July 2021.
Northcoders has delivered a strong performance in the first eight months of the financial year to August 2021 ('the Period'). The Group is trading comfortably in line with management expectations in terms of both revenue and underlying profitability. At the end of August, contracted revenue for the current financial year was approximately 90% of the target revenue for the year. In addition, cashflow has 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 initiative secured in July 2021.
Consumer demand for the Group's core Bootcamp courses is growing strongly. Applications from individuals have been boosted as the UK moves away from the Covid pandemic, as more individuals look to change their careers. This is reflected in the Period, as applications reach 162% of that experienced in the full year in 2019 (the most recent comparable period). With the benefit of increased marketing spend following the fundraise at IPO, the Board expects this growth in demand to continue as Northcoders continues to expand its list of hiring partners.
The national reach of Northcoders is expanding considerably, with the Group's Apprenticeship division achieving contracts across the UK, from regions as far south as Plymouth and as far north as Darlington and Penrith, Cumbria. The Group plans further investment into its apprenticeships offering and is aiming to launch new technology products in Q1 2022 which will diversify apprenticeship revenue streams from the Group's existing core coding and software focused programmes.
Northcoders' corporate Solutions division continues to attract new business with revenue for the year to date ahead of the 2020 full year revenue. Solutions contracts include bespoke training and software development contracts with Stockport-based Digital Applications Limited, the independent IT solution delivery company, and with NHS Digital. The Board is also pleased that work with Ove Arup & Partners, the global professional services firm, continues for the third consecutive year.
The Group will release its half-year results for the six months ended 30 June 2021 on Tuesday, 28 September 2021. A virtual results briefing will take place at 10.30am for sell-side analysts on the morning of results, please contact Buchanan via northcoders@buchanan.uk.com if you wish to attend.
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 | |
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WH Ireland Limited (Nominated Adviser & Joint Broker) | Tel: +44 (0)20 7220 1666 | |
Mike Coe |
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Sarah Mather |
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Peterhouse Capital Limited (Joint Broker) | Tel+44 (0) 20 7496 0930 | |
Martin Lampshire | www.peterhousecap.com | |
Lucy Williams |
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Buchanan Communications | Tel: +44 (0) 20 7466 5000 | |
Henry Harrison-Topham | northcoders@buchanan.uk.com | |
Stephanie Whitmore |
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Tilly Abraham |
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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 and Leeds 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 pskilling 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 .