Technology training provider Northcoders has reported record demand in the first half of the year.
The listed group delivered a 26% increase in revenues to £4.4 million for the six months ended 30th June 2024, driven by brand expansion across the UK as well as underlying demand for its training services.
Northcoders continues to have a strong balance sheet position with £1.3m in cash. Trading was in line with market expectations.
Northcoders’ Training Bootcamp Division has continued to perform well, with applications for the group’s core software development, data engineering and cloud engineering (DevOps) programmes reaching 6,766 (H1 2023: 6,984).
Given the sheer volume of applications, in 2024 the group has shifted its strategic focus to application conversions, these being applicants registering on its Core Learning platform. As a result, applicant registrations grew 37% to 4,959 (H1 2023: 3,609).
Graduate placements increased by over 25%, despite the well documented challenges in the recruitment market, and the group’s hiring partner network grew to around 500 companies (FY 2023: 465 companies) to meet this expansion.
“We are really pleased with our performance in the first half of 2024 and achieving this is testament to our strategic initiatives and the hard work of our ambitious team,” said Chris Hill, CEO.
“The entrepreneurial culture runs top to bottom at Northcoders and the proactivity within our teams is driving future success.”
The rebrand of Northcoders’ Corporate Solutions division to COUNTER has now been implemented. Leveraging the talent pools of Northcoders and acquired business Tech Returners, COUNTER specialises in deploying UK-based teams of technologists to corporate and public sector clients.
Three pilot scheme COUNTER contracts commenced in the period with high-profile clients including a UK high street building society, a UK investment administrator listed on the Main Market of the London Stock Exchange, as well as a global banking firm.
“The successful rebranding of our Corporate Solutions division to COUNTER is an important step forward for our challenger brand, and we are confident that the growing reputation of Northcoders’ quality technology training across the UK will support future growth for the division,” added Hill.
“As we mature as a business, I am excited for the future and confident in our ability to create life-changing opportunities for individuals from all walks of life as we leave our mark on the technology industry, whilst simultaneously delivering value for our shareholders.”