REG - Northcoders Group - DfE contract and regional funding model

NorthcodersAnnouncement

25/04/2025 16:45

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RNS Number : 2995G  Northcoders Group PLC  25 April 2025

   25 April 2025

Northcoders Group PLC

('Northcoders', the 'Group' or the 'Company')

Department for Education contract and regional funding model

Northcoders (AIM:CODE), a market leader in technology training in the UK,
announces that the Government has now confirmed that the Department for
Education ('DfE') contract will not be extended beyond the initial 18-month
period announced on 16 January 2024.

The DfE contract provided the Company with £10 million to train individuals
on the Northcoders market-leading bootcamp for the Group's core B2C Software
Engineering, Data Engineering and Cloud Engineering bootcamp courses.

The Government has now confirmed its intention to move to a fully regional
funding model, whereby digital training in the UK, including the acutely
needed AI and software skills, will be provided through a new and more
tailored localised structure. The new regional contracts will be provided by
ringfenced grants that the DfE allocates to mayoral combined authorities, the
Greater London Authority ('GLA') and some local authorities.

Northcoders is already well-engaged with these stakeholders across the UK, and
can confirm that it is in the latter stages of bids in a number of localities.
The Company will update shareholders in due course on its progress with
regional funding awards and how they will effect the Company's revenue for the
year.

Confidence in winning regional funding, diversification of funding streams,
growth within Counter, and continuing to strategically align costs to revenue,
means the Company remains confident in meeting current market expectations.

Chris Hill, CEO of Northcoders, commented: "While the transition to a fully
regional funding model presents a change to the landscape, we remain confident
in the value of regional investment in digital skills. Northcoders is already
well engaged with key stakeholders across the UK and we are actively
progressing bids in several regions. At the same time, we continue to focus on
diversifying our revenue streams and will ensure our cost base is aligned with
future income."

Ends

For further enquiries:

 Northcoders Group plc                          Via Burson Buchanan
 Chris Hill, CEO                                Tel: +44 (0) 20 7466 5000
 Charlotte Prior, CFO                           investors.northcodersgroup.com (https://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 (http://www.peterhousecap.com/)
 Lucy Williams

Duncan Vasey

 Burson Buchanan                            Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham                      northcoders@buchanan.uk.com (mailto:northcoders@buchanan.uk.com)
 Steph Whitmore                             www.bursonbuchanan.com (http://www.bursonbuchanan.com/)

 Jesse McNab

 

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 provides the highest quality online training to students
across the UK via its proven NCore technology platform.

 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
(https://investors.northcodersgroup.com/) .

 

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