Coding school Northcoders returned to profitability ahead of its listing on the London Stock Exchange’s junior AIM market in late July.
The Manchester- and Leeds-based independent training provider revealed almost £1.1 million revenue for the six months ending 30th June, a 55% rise on the previous year. This was despite its teaching being limited to ‘online only’ for the majority of the period as a result of COVID-19.
In the same period, it generated profits before tax of £18,000, compared with a loss of more than £500,000 in H1 2020. It also posted underlying EBITDA of more than £250,000, compared with break-even in H1 2020.
With the number of corporate hiring partners continuing to increase – including NHS Digital, Pretty Little Thing and FTSE 100 publishing group Informa – and the recent awarding of a £1.65m government-funded scholarship programme, trading in Q3 continues at record levels.
Contracted bookings currently stand at around £2.9m, approximately 96% of the target revenue for FY 2021.
The IPO raised funds of £3.5m before costs to accelerate the group’s growth strategy and geographic expansion. Its apprenticeship division has won contracts across the UK from regions as far south as Plymouth and as far north as Darlington and Cumbria.
“2021 has been a hugely successful year for Northcoders so far and I would like to thank all of the team for their efforts,” said CEO Chris Hill.
“Not only did we successfully complete our IPO and raise fresh capital to accelerate our expansion, but demand for our services has hit record highs, giving us confidence in our ability to deliver returns to our new shareholders.
“As the digital skills gap gains greater public attention and career changes are more widely considered by individuals, we are confident that we are well positioned to capitalise on this growth in the IT training sector.
“We have a best-in class reputation among consumers and corporates alike, and our recent success in securing government funding gives us strong revenue visibility.
“We are now training students across the length and breadth of the UK, and believe that the full scope of our business model, combined with the benefits of our public listing, will only serve to continue this expansion.”