Coding school Northcoders has delivered its first trading update following its admission to the London Stock Exchange’s AIM market on 27th July.
The group, which will release its half-year results towards the end of September, says it has delivered a strong performance in the first eight months of the year.
“The group is trading comfortably in line with management expectations in terms of both revenue and underlying profitability,” it stated. “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 benefited 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.”
Northcoders said 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-19 pandemic as more individuals look to change their careers, reaching 162% of that experienced in the full year in 2019.
The national reach of Northcoders is expanding, with its apprenticeship division achieving contracts across the UK from regions as far south as Plymouth and as far north as Darlington and 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,” it stated.