REG - Northcoders Group - Trading Update & Notice of Full Year Results

NorthcodersAnnouncement

25/01/2022 07:05

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RNS Number : 4400Z  Northcoders Group PLC  25 January 2022

 For immediate release  25 January 2022

 

 

Northcoders Group PLC

('Northcoders' or the 'Group')

 

Trading Update

Notice of Full Year Results

 

Northcoders (AIM:CODE), the independent provider of training programmes for
software coding, is pleased to provide its trading update for the year ended
31 December 2021 ('the Period').

 

The Group has delivered a strong result. Underlying performance was in line
with expectations and, as previously reported, cashflow benefitted from the
additional course funding available from the Group's contract under the
Department for Education's "Lifetime Skills Guarantees" and "Plan for Jobs"
initiatives, secured in July 2021. Non-underlying costs are expected to be
lower than expectations and therefore the reported result will be ahead of
market expectations.

 

Revenue visibility for the new financial year to December 2022 stands at just
over £3 million.

 

Consumer demand for the Group's core boot camp courses is growing strongly and
we are pleased to report that the Group has now commenced its largest ever
cohort with more than 100 students starting the course this month. With the
benefit of increased marketing spend and geographic presence, the Board
expects this growth in demand to continue as Northcoders significantly expands
its list of hiring partners with large organisations such as AND Digital
Limited, Wren Kitchens Limited and Sky Betting & Gaming.

 

A training hub in Newcastle has also been successfully opened to complement
the Group's presence in Manchester and Leeds. Further hubs are planned to open
in Birmingham and Liverpool over the next 12 months and we have received a
special request from, Jason Stockwood, the Chairman of Grimsby Town Football
Club to establish a facility at their stadium, which is indicative of the
potential for further growth. Furthermore, the Group has also engaged with a
new funding partner, Stepex Limited, allowing more students from a diverse
range of backgrounds to benefit from the life-changing education that the
Group provides.

 

As the national reach of Northcoders has expanded, the Group's Apprenticeship
division also delivered contracts across the breadth of England. An increasing
number of large employers, such as online fashion retailer, Pretty Little
Thing, and logistics company, Hermes, are seeing the benefit of engaging with
Northcoders to deliver apprenticeship courses on their behalf.  The Group has
also launched its new apprenticeship "hire to train" programme which is
proving to be very popular with both corporates and individuals alike.

 

The Group is also pleased to report that the Department for Education has
advised that funding has been increased further, due to the successful
delivery of student courses through the first funding round. This increase
entails a further £1.65 million in funding for training courses to be
delivered between February and September of this year. This is a credit to the
team within Northcoders who, despite increased Covid restrictions, managed to
award 294 training programmes at short notice on behalf of the Department for
Education in the six months ending January 2022.

 

The Group will release its full year results for the period to 31 December
2021 on 26 April 2022.

 

Certain information contained in this announcement would have constituted
inside information (as defined by Article 7 of Regulation (EU) No 596/2014)
("MAR") prior to its release as part of this announcement and is disclosed in
accordance with the Company's obligations under Article 17 of MAR.

 

- Ends -

 

For further enquiries:

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

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

 Peterhouse Capital Limited (Joint Broker)                  Tel+44 (0) 20 7220 9797
 Duncan Vasey                                               www.peterhousecap.com (http://www.peterhousecap.com/)
 Lucy Williams

 Buchanan Communications                                    Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham                                      northcoders@buchanan.uk.com (mailto:northcoders@buchanan.uk.com)
 Stephanie Whitmore
 Tilly Abraham

 

Notes to Editors

Northcoders is a market leading provider of B2B and B2C coding and software
development training. Founded in 2015, its business model operates a hybrid
structure with flagship sites in Manchester, Leeds and Newcastle supported by
a best in class digital offering to businesses and individuals across the UK.

 

Powered by IP rich technology, Northcoders' coding school offers boot camp
courses to consumers from a range of backgrounds, delivered through virtual
and physical learning.  The Group also works with blue chip corporates across
multiple sectors to supply innovative EdTech solutions for the upskilling and
reskilling of employees, and is a registered provider of government-backed
apprenticeships in the field.

 

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 from corporates and government. It
operates in a significant and growing market with structural growth trends
further accelerated by Covid-19.

 

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

 

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