Tech training provider Northcoders grew its revenue to £7.1m in 2023 – up 27 per cent on the previous year.
In an upbeat trading statement the AIM-listed company credited the increase on growing demand for its digital training.
Northcoders has £1.6m of cash as of December 31, 2023 and net cash of £800k.
In 2023 Northcoders’ core B2C bootcamp division experienced record growth, receiving 8,535 registrations (compared to 4,615 in 2022) across its software development, data engineering and cloud engineering programmes.
This has resulted in record-breaking graduate placements and a 14 per cent increase in the hiring partner network, now totalling 465 companies.
Despite the challenging macroeconomic environment, the group’s B2B division experienced improved sales towards the end of 2023, securing three new contracts and generating an improved pipeline moving into 2024 across private and public sectors.
Additionally, the group secured admission onto the Cloud Compute 2 Government procurement framework, which will provide further opportunities for public sector engagement.
2024 has started strongly, with continued growth in registrations within the B2C bootcamp division in January, reaching 872, representing a 74 per cent increase. This has been driven by improved strength and effectiveness of our marketing and conversion strategies.
Northcoders is headquartered in Manchester and has a presence in Leeds, Newcastle and Birmingham.
Earlier this month Northcoders announced it had secured an additional £10m of funding from the Department for Education.
This will generate a 18.6 per cent increase in funding per student which will support the group’s profitable growth and assist in offsetting inflation linked costs.
As a result, the board is confident about the group’s prospects for the current financial year, with access to revenue and contracted visibility for 2024 standing at an all-time high at £8.3m. This is an increase of 40 per cent cover compared to January 2023. Revenue visibility for 2025 already stands at £3.7m.
Chris Hill, CEO of Northcoders, said: “Reflecting on the past year I am genuinely proud of the Northcoders team, who delivered strong growth in revenue despite a challenging macro-economic backdrop.
“The ambition and entrepreneurial culture across the group has played a crucial role in navigating these challenging market conditions, particularly as we faced some initial challenges within our newer B2B division. Looking ahead, we are moving into 2024 in our strongest ever position.
“Northcoders remains committed to our mission, creating life-changing opportunities for individuals from all walks of life, as we build upon our growth track record whilst focusing on increasing profitability.
“I am incredibly excited about the opportunities that lie ahead and the positive impact Northcoders can continue to make in the UK technology industry, and to the lives of the individuals we serve.”