REG - Northcoders Group - New contract win – Department for Education

NorthcodersAnnouncement

16/01/2024 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240116:nRSP7556Za&default-theme=true

RNS Number : 7556Z  Northcoders Group PLC  16 January 2024

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

16 January 2024

 

Northcoders Group plc

('Northcoders' or the 'Company')

 

New contract win - Department for Education

 

Northcoders (AIM:CODE), a UK market leading technology training business, is
pleased to announce that it has successfully secured further funding from the
Department for Education Skills Bootcamp Dynamic Purchasing System 2 bid
('DPS')*.

This new round of funding provides Northcoders with a further £10 million to
train individuals on the Northcoders market-leading bootcamp, deliverable over
18 months, and provides the Company with strong revenue visibility for FY-2024
and H1-2025. It also underpins an 18.6% increase in revenue per student,
compared to the last nine month Wave 4 contract, in line with the Group's
focus on driving increased near term profitability.

 

This funding has been received for the Group's core B2C Software Engineering,
Data Engineering and Cloud Engineering bootcamp courses. This is the fourth
year in succession in which Northcoders has succeeded in winning increased
Government funding for its bootcamps, selected for their ongoing quality and
job outcomes.

 

Chris Hill, CEO of Northcoders, said: "This a fantastic demonstration of
Northcoders' reputation as a market leading, quality technology training
company. With the global skills challenge increasing through the continuous
introduction of emerging technologies, training in these fields has become a
priority across public and private sectors. Knowing we are the provider of
choice is a testament to the team and the business we have built. This
contract provides us with strong visibility and dependable cash flow for the
year ahead, and as such, we move into 2024 with strong confidence."

 

* DPS bids have previously been referred to as "Waves" by Northcoders. In line
with the Department for Education's adoption of new terminology, "Wave X" will
from now be referred to by the company as "DPS X"

 

- Ends -

 

For further enquiries:

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

 WH Ireland Limited (Nominated Adviser & Joint Broker)        Tel: +44 (0)20 7220 1666
 Mike Coe / Darshan Patel / Sarah Mather (Corporate Finance)

 Peterhouse Capital Limited (Joint Broker)                    Tel: +44 (0) 20 7496 0930
 Martin Lampshire                                             www.peterhousecap.com (http://www.peterhousecap.com/)
 Lucy Williams

Duncan Vasey

 Buchanan Communications                                      Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham                                        northcoders@buchanan.uk.com
 Steph Whitmore
 Jamie Hooper

 

Notes to Editors

 

Northcoders is one of the UK's highest quality technology training businesses,
offering tuition across a broad suite of digital areas including software
development, data engineering and cloud engineering (DevOps).  Founded in
2015, the Group's B2C and B2B programmes are award winning, and this premium
reputation has helped grow a network of 600+ corporate hiring partners for its
alumni.

 

The Group is focused on making an immediate impact on corporate diversity and
accessibility, and its remote learning courses are offering individuals across
the UK, from every background, entry to the technology skills market. As
emerging technologies further increase the need for digital experts, demand
for these services continues to grow. Through further geographic expansion,
customer diversification, new training formats and new course introductions,
Northcoders is rapidly scaling to address the UK's digital skills gap.

 

Northcoders was admitted to trading on AIM in July 2021 with the ticker
CODE.  For additional information please visit
investors.northcodersgroup.com. (https://investors.northcodersgroup.com/)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CNTBAMRTMTTBBII