Northcoders, the Manchester-headquartered independent provider of training programmes for software coding with hubs in Leeds, Newcastle and Birmingham, has reported that its trading results for FY to December 2023 are “in line with expectations.”
The company has also reported that its hiring partner network grew by 94 new companies over the year, a 30 per cent increase over thew year to a network that now includes well-known companies such as SAGE, BBC, Missguided and SEGA. This brought the group’s total hiring partner network to 409 companies, and over the course of 2022, the group placed 379 Northcoders into their first roles in technology. This is an increase of over double (114 per cent) in placements compared to 2021.
The unaudited results also revealed that cash at year end was £2.8 million, providing substantial resources for continued investment in growth while revenue visibility for the forthcoming year stands at £5.4 million, an increase of 79 per cent compared to the same time last year. Contracted revenue represents 57 per cent of the market expectation for the FY23.
The company noted its renewed, and increased business with Rolls Royce over the past year, as well as its acceptance onto the Department for Education’s dynamic purchasing system (‘DPS’) for Skills Bootcamps, which will run for six years with a value of approximately £1.5 billion, giving the group confidence in the long-term government support of its training bootcamps, as particularly positive points over the course of the year.
Many of Northcoders training courses were oversubscribed over the course of 2022, with 8,852 training bootcamp applications in the period, compared to 3,662 applications in the year to 31 December 2021.
Looking ahead to FY 2023, Northcoders said: “With demand continuing to achieve record highs, the board is confident about the group’s prospects of the forthcoming year. The strong performance of the group has given the board confidence to invest additional funds to support the growth this year and beyond, and it intends to launch new growth initiatives to broaden the opportunities and appeal of the group’s courses.”
The board is also reviewing the right time to design and launch further courses, including Cyber Security, later in the year, but “the emphasis on quality, as measured by employability outcomes, is paramount for any new products.”
Already in January 2023, the group has placed 23 Northcoders into roles and added six new hiring partners to its network, bringing Northcoders latest hiring network total to 415 companies.
