Healthy figures for software coding training provider
Leeds and Manchester-based Northcoders says its contracted revenue for the current financial year was about 90% of the target revenue for the year by the end of August.
Delivering its maiden trading update following its admission to AIM on 27 July 2021, the independent provider of training programmes for software coding adds it has delivered a strong performance in the first eight months of the financial year to August 2021.
The Group says it is trading comfortably in line with management expectations in terms of both revenue and underlying profitability.
Northcoders’ cashflow has benefited from the additional course funding available from the Group’s contract under the Department for Education’s Lifetime Skills Guarantees and Plan for Jobs initiative secured in July 2021.
Consumer demand for the Group’s core Bootcamp courses is also growing strongly.
The firm’s trading update notes: “Applications from individuals have been boosted as the UK moves away from the Covid pandemic, as more individuals look to change their careers.
“This is reflected in the latest period, as applications reach 162% of that experienced in the full year in 2019 (the most recent comparable period).
“With the benefit of increased marketing spend following the fundraise at IPO, the Board expects this growth in demand to continue as Northcoders continues to expand its list of hiring partners.”
The Group will release its half-year results for the six months ended 30 June 2021 on Tuesday 28 September 2021.
