Corporate News

Record revenue and profitability as Northcoders consolidates reputation as a leading UK technology training business

Northcoders (AIM: CODE), a market leader in technology training in the UK, is pleased to announce its Final Results for the year ended 31 December 2024 (‘FY24’ or the ‘Period’).

Download To view a full version of the results in  PDF format  click here

 

FY24 Financial Highlights

• Group revenue increased by 24% to a record £8.8 million, (FY23: £7.1 million) driven by continued success in diversifying revenues and rolling out new course in high growth areas
• Gross profit increased by 34% to £5.9 million (FY23: £4.4 million) with a gross profit margin of 67% (FY23: 63%) reflecting a balance between the efficiencies achieved by NCore and the economic challenges of inflation and rising operational costs.
• Adjusted EBITDA* increased significantly to £1.0 million (FY23: £0.1 million), in line with market expectations, and returned a positive profit after tax of £0.4 million (loss after tax FY23: £1.0 million)
• Cash balance as at 31 December 2024 of £1.2 million (FY23: £1.6 million)
• Net assets increased to £5.3 million (FY23: £4.8 million)
  

FY24 Operational Highlights

• Further increase in number of individuals trained, increased to 3,976 (FY23: 2,852) driven by the constantly evolving offering that brings in new formats and technical courses (Java and C#)
• Reputation continued to grow as one of the highest quality training providers in the UK market reflected in the number of hiring partners rising to 510 (FY23: 465)
• The B2C Training Bootcamp division continued to provide the bridge for UK consumers to enter the increasingly attractive technology sector
• Counter®, the Group’s consultancy brand, continued to gain momentum with the challenger brand winning five mandates in the Period
• NCore platform continued to drive efficiencies by increasing the student to tutor ratio, whilst improving excellence in the Group’s courses by increasing the contact time offered
  

Current Trading and Outlook

• In the latter part of FY24 and into Q1 FY25, there has been a positive shift in corporate engagement, with more of the Group’s hiring partners taking on junior engineers and encouraging progress in its Counter® programme
  • Post period end three contracts won, two with Skipton Building Society and one with Manchester Airports Group
• On 5 March 2025 the Group announced that it had successfully secured a new £1.5m debt finance agreement to support the next stage of growth
• Northcoders launched its new B2C Training Bootcamp course focusing on AI and Machine Learning which will start in June 2025
• The Group’s current Department of Education contract provides visibility until June 2025 and there is confidence, although not certainty, that decisions about future structures will have been made by then, with national extension conversations underwa
  

*Adjusted EBITDA definition – see note 6

Commenting on the Final Results, Chris Hill, CEO of Northcoders, said: "Our record FY24 results are a testament to Northcoders' growing national reputation as a leading provider of high-quality technology training. Despite a challenging hiring market, we are successfully diversifying revenues and increasing profitability within the Group.  Our growing curriculum of technology training courses, including in high demand areas like AI and Machine Learning, is supporting the inherent scalability of the Northcoders business model.

“As the UK looks to address the digital skills gap to drive innovation and economic recovery, the role Northcoders plays in developing tomorrow’s technology talent has never been more important. By empowering individuals from all backgrounds to pursue careers in technology, we will more equitably and rapidly evolve the digital landscape. Looking ahead, FY25 has started promisingly. Whilst macro-economic challenges remain in the short term, we continue to be confident that, as the market improves, our quality training solutions and strategy will drive value for our shareholders.”

Analyst meeting & Investor Meet Company Presentation

There will be a presentation for sell-side analysts at Burson Buchanan, 107 Cheapside, London EC2V 6DN, for any enquiries please contact Burson Buchanan on [email protected] . A copy of the Final Results presentation will be available on the Group’s website later today: investors.northcodersgroup.com

Northcoders will also be presenting via the Investor Meet Company platform today, 23 April 2025 at 12pm (BST). The meeting will be hosted by Chris Hill (CEO) and Charlotte Prior (CFO), and there will be an opportunity for Q&A at the end of the session. To sign up for the Northcoders presentation please click the following link: https://www.investormeetcompany.com/northcoders-group-plc/register-investor.

 

For further enquiries:
Northcoders Group plc	Via Burson Buchanan
Chris Hill, CEO	Tel: +44 (0) 20 7466 5000
Charlotte Prior, CFO	investors.northcodersgroup.com
Zeus (Nominated Adviser & Joint Broker)	Tel: +44 (0) 20 3829 5000
Mike Coe / Darshan Patel (Investment Banking) Fraser Marshall (Sales)
Peterhouse Capital Limited (Joint Broker)	Tel: +44 (0) 20 7496 0930
Martin Lampshire	www.peterhousecap.com
Lucy Williams Duncan Vasey
Burson Buchanan	Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham	[email protected]
Steph Whitmore Jesse McNab	www.bursonbuchanan.com

 

Notes to Editors

Northcoders is a market leading provider of technology training for businesses and individuals with courses in, Software Engineering, Data Engineering, AI and Machine Learning, and Platform Engineering.  Founded in 2015, the Group’s business model operates a hybrid structure with a flagship site in Manchester and other sites in Leeds, Birmingham and Newcastle supported by a proven digital offering to support its students across the UK.

Powered by IP rich technology, Northcoders offers boot camp courses to individuals from a range of backgrounds, delivered through virtual and physical learning.  The Group also works with blue chip corporates across multiple sectors to help them to achieve their digital requirements, with teams as a service and to supply innovative solutions for the upskilling and reskilling of employees. With a keen focus of inclusivity, diversity and quality at its core, Northcoders aims to address the digital skills gap in the UK to meet the increasing demand for digital specialists at all levels, from businesses and public agencies. 

Northcoders was admitted to trading on AIM in July 2021 with the ticker CODE.L.  For additional information please visit investors.northcodersgroup.com.