Northcoders has made a return to profit, almost doubling revenue and headcount according its FY accounts to December 31 2022, filed today.
The Manchester-based tech training provider, which also operates regional hubs nationwide, posted a revenue of £5.5m for 2022, up from the £3m it achieved in 2021 It also reported a pre-tax profit of £346,429 for the year, compared to a loss of £523,588 in the prior year. The company also reported that it had increased headcount from 63 to 101.
Chris Hill, CEO of Northcoders, said: “I am pleased to report our first full year results as a quoted company. We have had a successful year, significantly growing revenue and profitability, whilst keeping our core values at the heart of everything we do. 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 company completed a placing in November 2022 which raised £2.1 million, which Hill said has enabled it to set out on a growth path of teaching more technical disciplines: “ We have experienced record demand and have navigated macro-economic challenges successfully and we are in a strong position for growth in FY23,” he added. “The demand for Northcoders’ services has never been higher, with a record-breaking month in March 2023. 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.”
Hill added that 2023 has started strongly, awith first quarter revenue visibility at £6.1 million, approximately 64 per cent of target revenue for the year. He concluded: “Subsequently, the Board has every confidence for the group’s prospects for the remainder of the year.”
