Leeds tech company working with Disney and Rolls Royce sees profits and headcount rise in landmark year

Software coding training provider Northcoders has hailed a “successful year” in its first 12 months as a quoted company after seeing revenue, profits and headcount increase.
By Chris Burn
Published 26th Apr 2023, 05:45 BST

The firm, which has a site in Leeds, as well as Manchester, Newcastle and Birmingham, saw group revenue in 2022 increase by 86 per cent to £5.6m, up from £2.8m the year before.

Profit before tax was £0.3m compared to a £0.5m loss in 2021, while adjusted EBITDA was slightly ahead of market expectations at £0.9m – up from £0.4m previously.

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Staff numbers now stand at 101, up from 63 with major corporate partners including Rolls Royce, Disney, BBC, KPMG and Sage.

Chris Hill has hailed Northcoders' positive results in its first year as a quoted companyChris Hill has hailed Northcoders' positive results in its first year as a quoted company
Chris Hill has hailed Northcoders' positive results in its first year as a quoted company

Chris Hill, CEO of Northcoders, said: “I am pleased to report our first full year results as a quoted company. We have had a successful year, significantly growing revenue and profitability, whilst keeping our core values at the heart of everything we do. A strategic priority was to create a presence in many regions across the UK, which has been achieved successfully during the period.

"We have also been able to focus on the expansion of our Business Solutions division, which has been an immense success with a number of major corporates onboarding and making repeat orders. Digital transformation is a growing priority for corporates, trying to find new and innovative ways of filling their teams and goals at a time of economic restraint, and Northcoders is incredibly well placed to satisfy this demand.

“In November 2022 we completed a placing, raising £2.1 million, which has enabled us to set out on our growth path of teaching more technical disciplines. We have experienced record demand and have navigated macro-economic challenges successfully and we are in a strong position for growth in FY23.

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"The demand for Northcoders’ services has never been higher, with a record-breaking month in March 2023. With favourable market dynamics such as the UK government committing billions of pounds for the provision of skills bootcamps, Northcoders is well positioned to grow. The current year has started strongly, and at the end of the first quarter revenue visibility stood at £6.1 million, approximately 64 per cent of target revenue for the year, and subsequently, the Board has every confidence for the Group’s prospects for the remainder of the year.”​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​

Related topics:LeedsDisneyManchesterNewcastleBirmingham