Northcoders – one of the UK’s leading independent providers of training programmes for software coding – has reported its maiden annual results as a listed business.
The Manchester-headquartered company reported a 124% increase in revenue to £3 million in the 12 months ended 31st December 2021.
The firm, which listed on the AIM growth segment of the London Stock Exchange in July last year, reported an increase in gross profit to £2.2m (FY20: £900,000) while adjusted EBITDA increased to £400,000 from a £300,000 loss in 2020.
Northcoders recently revealed plans to open a new training hub in Birmingham city centre that will deliver the company’s range of bootcamp courses across the Midlands.
Founded in 2015, it already operates hubs in Manchester, Leeds and Newcastle, while there are plans to open a facility at Grimsby Town’s stadium later this year.
Since its inaugural course in 2015, Northcoders has helped over 1,000 people switch careers into tech, with average starting salaries of £25,500. Its hiring partners now number 315, including new businesses such as NHS Digital, PrettyLittleThing, Informa, AND Digital Limited, Wren Kitchens Limited and Sky Betting & Gaming.
It said consumer revenue, which includes core bootcamps and apprenticeship revenues, made up £2.8m (FY20: £1.2m) of the £3m revenue generated last year, with a record number of 3,662 students applying with 424 enrolling and 213 graduating so far.
Corporate solutions revenue was £300,000. That division has signed multiple new agreements including with Ove Arup, Digital Applications International Limited and NHS Digital.
The firm’s headcount now stands at 63, up from 37 at the end of 2020.
“We are delighted to report such a strong set of maiden financial results, demonstrating that Northcoders is successfully delivering its IPO growth strategy,” said Chris Hill, CEO.
“Consumer and corporate demand for our services continues to increase, and we are now extending our reach across the UK as planned through our hybrid product offering.
“As the need for software and technology skills continues to increase, and digital transformation takes priority for organisations in almost every sector, Northcoders’ market leading reputation is driving demand for our training.
“This, coupled with our extended Government contract, gives us confidence in our ability to fulfil our significant growth ambitions.”