Northcoders almost doubled its revenue in its first full-year results as a quoted company.
The Manchester-headquartered provider of training programmes for software coding also has sites in Leeds, Newcastle and Birmingham, alongside a nationwide online presence. Among its corporate partners are Rolls Royce, Disney, BBC, KPMG and Sage.
Northcoders reported an 86% rise in group revenue to £5.6 million for the 12 months to 31st December 2022. Profit before tax came in at £300,000, compared with a £500,000 loss in FY21.
The company said there had been significant growth in demand, with 8,470 applications for its services in FY22 compared to 3,662 in FY21. Its headcount has increased from 63 to 101 to satisfy this.
Northcoders, which acquired Tech Returners in February – having raised £2.1m for growth via a share placing in November 2022 – added that the momentum had continued into Q1 2023, with a ‘record-breaking’ March.
Tech Returners co-founder Beckie Taylor will speak at a ‘How to PROGRESS in business’ breakfast event at KPMG’s Manchester office on May 25th.
“We have had a successful year, significantly growing revenue and profitability, whilst keeping our core values at the heart of everything we do,” said CEO Chris Hill.
“A strategic priority was to create a presence in many regions across the UK, which has been achieved successfully during the period. We have also been able to focus on the expansion of our business solutions division, which has been an immense success with a number of major corporates onboarding and making repeat orders.
“Digital transformation is a growing priority for corporates, trying to find new and innovative ways of filling their teams and goals at a time of economic restraint, and Northcoders is incredibly well-placed to satisfy this demand.
“The current year has started strongly, and at the end of the first quarter revenue visibility stood at £6.1m, approximately 64% of target revenue for the year, and subsequently, the board has every confidence for the group’s prospects for the remainder of the year.
“With favourable market dynamics such as the UK government committing billions of pounds for the provision of skills bootcamps, Northcoders is well positioned to grow.”