EdTechFast growthIPO

Independent training provider Northcoders has seen its revenues more than double to £2.37m in the first six months of 2022 – an increase of 117 per cent on the same period last year.

Interim results show the growth has been largely driven by strong demand for the Manchester-based company’s bootcamp training.

Gross profit increased 110 per cent to £1.66m, with a gross margin of 70 per cent.

Established businesses such as On the Beach, Evri, HESA and Sky Bet all started training programmes in the six months of 2022 while the workforce at Northcoders has increased from 41 to 84 in the last year.

Why Northcoders chose to IPO over VC investment

The figures follow the firm’s IPO on the London Stock Exchange’s junior AIM market in July 2021, which raised £3.5m to grow its model across the UK.

Chris Hill, CEO of Northcoders, said: “More than doubling revenues in the first half of the year is testament to the growing reputation of Northcoders as one of the UK’s leading technology training providers, with a business model that is able to evolve to meet the demands of individuals and corporates alike.

“The continuing Government support for technology training serves to highlight the significant digital skills gap in the UK.

“The lack of qualified engineers is limiting the progress of businesses nationwide which in turn is holding back a domestic economic recovery.

“As the group moves into the second half of the year Northcoders is continuing to deliver on its growth strategy as a result of this unabated demand and there is significant confidence in the group’s ability to provide all stakeholders with sustainable and profitable long-term growth.”

Northcoders was founded in 2015 and also has bases in Leeds, Birmingham and Newcastle. The training recently launched a Birmingham hub and have plans to grow the headcount.

Contracted bookings for 2023 already stands at £2.5m.

Keep hunting for funding – you only need one ‘yes’ in 100