Northcoders more than doubles revenue and profits as 2021 results revealed
Northcoders, the Manchester-headquartered coding training provider, has unveiled its final full-year results for 2021, having overturned losses amid record demand.
It showed that in the year ending December 31st, Northcoders increased revenue by 124% to £3 million, including consumer revenue of £2.8 million and corporate solutions revenue of £0.3 million. In 2020, overall revenue was £1.3 million, with consumer and corporate revenue at £1.2 million and £0.1 million respectively.
The company, which completed its IPO in July 2021 - raising £3.5 million before expenses - recorded a gross profit of £2.2 million in 2021, up from £900,000 in 2020. It also turned around losses of £300,000 the previous year to achieve an EBITDA of £400,000.
In 2021, Northcoders achieved a wide range of things, including growing headcount from 37 to 63, increasing its number of hiring partners to more than 315, and enrolling 96 apprentices following the launch of its apprenticeship scheme last year.
This comes alongside increased geographical reach, having opened a new Newcastle hub and set its sights on a Birmingham presence, as recently reported.
Chris Hill, CEO of Northcoders, said: “We are delighted to report such a strong set of maiden financial results, demonstrating that Northcoders is successfully delivering its IPO growth strategy. Consumer and corporate demand for our services continues to increase, and we are now extending our reach across the UK as planned through our hybrid product offering.
“As the need for software and technology skills continues to increase, and digital transformation takes priority for organisations in almost every sector, Northcoders’ market leading reputation is driving demand for our training. This, coupled with our extended Government contract, gives us confidence in our ability to fulfil our significant growth ambitions.”
Last year, a record 3,662 students applied for Northcoders training, with a total of 424 enrolling and 213 having graduated up to this point.