Northcoders reports record £8.8m revenue and 34 per cent jump in gross profit
Technology training company Northcoders reported record revenues in 2024 and revealed that it had enjoyed a “promising” start to the new year in the face of global economic challenges.
In 2024, Northcoder’s group revenue increased by 24 per cent to £8.8m, which the company said was driven by continued success in diversifying revenues and rolling out new courses in high growth areas. Gross profit also increased by 34 per cent to £5.9m.
Northcoders offers tuition across a broad range of digital areas including software development, data engineering and cloud engineering to individual and corporate customers.
Founded in 2015, the group’s business model operates a hybrid structure with a flagship site in Manchester and other sites in Leeds, Birmingham and Newcastle.
The number of people trained over the year increased to 3,976 from 2,852 the year before. Chris Hill, the chief executive of Northcoders, said the record results were a testament to Northcoders' growing national reputation as a leading provider of technology training.
He added: "Despite a challenging hiring market, we are successfully diversifying revenues and increasing profitability within the group.”
“Our growing curriculum of technology training courses, including in high demand areas like AI and Machine Learning, is supporting the inherent scalability of the Northcoders business model.
“As the UK looks to address the digital skills gap to drive innovation and economic recovery, the role Northcoders plays in developing tomorrow’s technology talent has never been more important.
"By empowering individuals from all backgrounds to pursue careers in technology, we will more equitably and rapidly evolve the digital landscape.
"Looking ahead, FY25 (full year 2025) has started promisingly. Whilst macro-economic challenges remain in the short term, we continue to be confident that, as the market improves, our quality training solutions and strategy will drive value for our shareholders.”
In a statement to accompany the results, Northcoders said that, in the latter part of 2024 and first quarter of 2025, there had been a positive shift in corporate engagement, with more of the group’s hiring partners taking on junior engineers.
It added: “Post period end three contracts have been won; two with Skipton Building Society and one with Manchester Airports Group.”
"On March 5, the group announced that it had successfully secured a new £1.5m debt finance agreement to support the next stage of growth.”
Northcoders also launched its new B2C (Business-to-Consumer) Training Bootcamp course focusing on AI and Machine Learning which will start in June.
It added: “The group’s current Department of Education contract provides visibility until June 2025 and there is confidence, although not certainty, that decisions about future structures will have been made by then, with national extension conversations underway.”