Momentum builds at software coding training group
Technology training business, Northcoders, says its unaudited revenue for the year ended 31 December 2023 increased by 27% to £7.1m (FY 2022: £5.6m).
The business, which has bases in Leeds, Manchester and Birmingham, explains the rise was driven by accelerating demand for digital training.
The group has £1.6m of cash as of 31 December 2023 and net cash of £0.8m.
Chris Hill, CEO, said: “The ambition and entrepreneurial culture across the group has played a crucial role in navigating these challenging market conditions, particularly as we faced some initial challenges within our newer B2B division.
“Looking ahead, we are moving into 2024 in our strongest ever position.
“Northcoders remains committed to our mission, creating life-changing opportunities for individuals from all walks of life, as we build upon our growth track record whilst focusing on increasing profitability.
“I am incredibly excited about the opportunities that lie ahead and the positive impact Northcoders can continue to make in the UK technology industry.”
Northcoders says its core B2C Bootcamp Division experienced record growth in 2023, receiving 8,535 registrations (FY 2022: 4,615) across its software development, data engineering and cloud engineering (DevOps) programmes. This has resulted in record-breaking graduate placements.
The firm’s Board adds it is confident about the group’s prospects for the current financial year, with access to revenue and contracted visibility for FY-2024 standing at an “all-time high” of £8.3m.
This is an increase of 40% compared to January 2023, and strongly underpins the company’s market expectations for FY 2024 of revenues of £8.5m and underlying EBITDA of £900,000.
