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Manchester headquartered tech training provider Northcoders Group is demonstrating resilience amid challenging market conditions reporting a 24% increase in FY24 revenue to a record £8.8m (FY23: £7.1m), driven by its diversification of revenue streams and the introduction of new course offerings in growth areas including Java, C#, and recently AI and Machine Learning.
Gross profit also increased by 34% to £5.9m with margins improving to 67% (FY23: 63%), reflecting operational efficiencies achieved through the company's NCore platform. Adjusted EBITDA showed a significant improvement, rising to £1.0m (FY23: £0.1m), with the company returning to profitability with £0.4m profit after tax (FY23: -£1.0m loss).
Operationally, Northcoders trained nearly 4,000 individuals during the period, a substantial increase from 2,852 in the previous year. The Group's consultancy division, Counter, also gained momentum winning five mandates during the period and three additional contracts post-period end with Skipton Building Society and Manchester Airports Group.
Looking forward, CEO Chris Hill noted that the start of FY25 has been promising, with increased corporate engagement despite ongoing macroeconomic challenges. The company maintains visibility on Department of Education funding until June 2025 and has secured a new £1.5m debt finance agreement to support further growth.
Northcoders' strategic focus remains on addressing the UK's digital skills gap while delivering profitable growth. With an increasingly diversified product portfolio and more efficient operational model, the company appears better positioned to capitalise on the increasing demand for technology skills training despite the challenging hiring environment.
Posted by: Marc Hardwick at 08:48
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