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Northcoders gets additional government funding; interim revenue jumps

25th Jul 2023 14:07

(Alliance News) - Northcoders Group PLC on Tuesday said it received funding from the Department for Education for its botocamps and reported strong half-year growth.

The Manchester-based software coding training provider said revenue for the six months to June 30 was up by 52% to GBP3.5 million from GBP2.3 million a year prior, noting new contracts and growth in its Training Bootcamps division.

Northcoders noted, however, its revenue for the full-year will be more weighted in the second half of 2023.

The company on Tuesday also announced it secured further GBP4.5 million funding from the Department for Education for training at its boot camps. Northcoders said this increases funding per student by 13%. Last August, the company received GBP4 million worth of scholarships to teach software development.

Chief Executive Officer Chris Hill said: "In spite of challenging market conditions, the board is confident of achieving further growth for the full year. During the period, Northcoders won a number of contracts with large corporates as well as securing further funding from the Department for Education, providing the group with good forward visibility of revenues."

Shares in Northcoders were down 3.6% at 210.10 pence each in London on Tuesday afternoon.

By Sabrina Penty, Alliance News reporter

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