Coding trainer to expand its network following year of growth
Northcoders, the AIM-listed provider of training programmes for software coding, is expanding its training hub network.
The group, which has bases in Manchester and Leeds, opened a training hub in Newcastle last September and, in a trading update for the year ended December 31, 2021, today, announced it plans to open further hubs in Birmingham and Liverpool over the next 12 months.
Northcoders said it has also received a special request from Jason Stockwood, chairman of Grimsby Town Football Club, to establish a facility at their stadium, which, the group said, is indicative of the potential for further growth.
The group has also engaged with a new funding partner, Stepex, allowing more students from a diverse range of backgrounds to benefit from the life-changing education Northcoders provides.
It said, as the national reach of Northcoders has expanded, the group’s apprenticeship division also delivered contracts across the breadth of England.
An increasing number of large employers, such as online fashion retailer, Pretty Little Thing and logistics company, Hermes, have engaged with Northcoders to deliver apprenticeship courses on their behalf and the group has also launched its new apprenticeship ‘hire to train’ programme which is proving to be popular with both corporates and individuals.
Today’s update revealed the Department for Education has confirmed that funding has been increased further, due to the successful delivery of student courses through a first funding round. The increase is worth a further £1.65m for training courses to be delivered between February and September this year.
The Northcoders team awarded 294 training programmes at short notice on behalf of the Department for Education in the six months ending January 2022, despite the pandemic.
Northcoders said it has delivered a strong result for the year and its underlying performance was in line with expectations.
Cashflow benefitted from the additional course funding available from the group’s contract under the Department for Education’s ‘Lifetime Skills Guarantees’ and ‘Plan for Jobs’ initiatives, secured in July 2021. Non-underlying costs are expected to be lower than expectations, so the reported result will be ahead of market expectations.
Revenue visibility for the new financial year to December 2022 stands at just over £3m.
The group said consumer demand for its core boot camp courses is growing strongly and it has started its largest cohort, with more than 100 students taking the course this month.
With the benefit of increased marketing spend and geographic presence, the board expects this growth in demand to continue as Northcoders significantly expands its list of hiring partners with large organisations such as AND Digital, Wren Kitchens and Sky Betting & Gaming.
The group will release its full year results on April 26, 2022.
