Northcoders 鈥� one of the UK鈥檚 leading independent providers of training programmes for software coding 鈥� has reported its maiden annual results as a listed business.
The Manchester-headquartered company reported a 124% increase in revenue to 拢3 million in the 12 months ended 31st December 2021.
The firm, which listed on the AIM growth segment of the London Stock Exchange in July last year, reported an increase in gross profit to 拢2.2m (FY20: 拢900,000) while adjusted EBITDA increased to 拢400,000 from a 拢300,000 loss in 2020.
Northcoders recently revealed plans to open a new training hub in Birmingham city centre that will deliver the company鈥檚 range of bootcamp courses across the Midlands.
Founded in 2015, it already operates hubs in Manchester, Leeds and Newcastle, while there are plans to open a facility at Grimsby Town鈥檚 stadium later this year.
Since its inaugural course in 2015, Northcoders has helped over 1,000 people switch careers into tech, with average starting salaries of 拢25,500. Its hiring partners now number 315, including new businesses such as NHS Digital, PrettyLittleThing, Informa, AND Digital Limited, Wren Kitchens Limited and Sky Betting & Gaming.
It said consumer revenue, which includes core bootcamps and apprenticeship revenues, made up 拢2.8m (FY20: 拢1.2m) of the 拢3m revenue generated last year, with a record number of 3,662 students applying with 424 enrolling and 213 graduating so far.
Corporate solutions revenue was 拢300,000. That division has signed multiple new agreements including with Ove Arup, Digital Applications International Limited and NHS Digital.
The firm鈥檚 headcount now stands at 63, up from 37 at the end of 2020.聽
鈥淲e are delighted to report such a strong set of maiden financial results, demonstrating that Northcoders is successfully delivering its IPO growth strategy,鈥� said Chris Hill, CEO.聽
鈥淐onsumer and corporate demand for our services continues to increase, and we are now extending our reach across the UK as planned through our hybrid product offering.
鈥淎s the need for software and technology skills continues to increase, and digital transformation takes priority for organisations in almost every sector, Northcoders鈥� market leading reputation is driving demand for our training.聽
鈥淭his, coupled with our extended Government contract, gives us confidence in our ability to fulfil our significant growth ambitions.鈥�