Coding trainer to expand his network after a year of growth
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Northcoders, the AIM-listed software coding training program provider, is expanding its network of training centers.
The group, which has bases in Manchester and Leeds, opened a training center in Newcastle last September and, in a business update for the year ended December 31, 2021, today announced plans to open further centers in Birmingham and Liverpool over the next 12 months.
Northcoders said they also received a special request from Jason Stockwood, chairman of Grimsby Town Football Club, to establish a facility at their stadium, which the group say is indicative of the potential for future growth.
The group has also engaged with a new funding partner, Stepex, enabling more students from diverse backgrounds to benefit from the life-changing education offered by Northcoders.
He said that as Northcoders’ national reach grew, the group’s apprenticeship division also issued contracts across England.
A growing number of major 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 “hire to train” apprenticeship program that is proving popular with businesses and individuals.
Today’s update revealed that the Ministry of Education has confirmed that funding has been further increased, due to the successful delivery of courses for students through an undergraduate funding round. The increase is worth an additional £1.65million for training courses to be delivered between February and September this year.
The Northcoders team awarded 294 short-term training programs on behalf of the Department of Education in the six months ending January 2022, despite the pandemic.
Northcoders said it delivered a strong result for the year and its underlying performance was in line with expectations.
Cash flow benefited from additional course funding available under the group’s contract under the Department of Education’s Lifetime Skills Guarantees and Plan for Jobs initiatives, secured in July 2021. Costs not underlyings are expected to be lower than expected, so the earnings report will be ahead of market expectations.
Revenue visibility for the new financial year to December 2022 is just over £3m.
The group said consumer demand for its core boot camp classes is growing sharply and it has started its largest cohort, with more than 100 students taking the course this month.
With increased marketing spend and geographic presence, the board expects this growth in demand to continue as Northcoders significantly expands its roster of hiring partners with large organizations such as AND Digital, Wren Kitchens and Sky Betting & Gaming.
The group will publish its annual results on April 26, 2022.