Northcoders Group PLC New contract win -- Department for Education (7556Z)
16 Enero 2024 - 1:00AM
UK Regulatory
TIDMCODE
RNS Number : 7556Z
Northcoders Group PLC
16 January 2024
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
16 January 2024
Northcoders Group plc
('Northcoders' or the 'Company')
New contract win - Department for Education
Northcoders (AIM:CODE), a UK market leading technology training
business, is pleased to announce that it has successfully secured
further funding from the Department for Education Skills Bootcamp
Dynamic Purchasing System 2 bid ('DPS')*.
This new round of funding provides Northcoders with a further
GBP10 million to train individuals on the Northcoders
market-leading bootcamp, deliverable over 18 months, and provides
the Company with strong revenue visibility for FY-2024 and H1-2025.
It also underpins an 18.6% increase in revenue per student,
compared to the last nine month Wave 4 contract, in line with the
Group's focus on driving increased near term profitability.
This funding has been received for the Group's core B2C Software
Engineering, Data Engineering and Cloud Engineering bootcamp
courses. This is the fourth year in succession in which Northcoders
has succeeded in winning increased Government funding for its
bootcamps, selected for their ongoing quality and job outcomes.
Chris Hill, CEO of Northcoders, said: "This a fantastic
demonstration of Northcoders' reputation as a market leading,
quality technology training company. With the global skills
challenge increasing through the continuous introduction of
emerging technologies, training in these fields has become a
priority across public and private sectors. Knowing we are the
provider of choice is a testament to the team and the business we
have built. This contract provides us with strong visibility and
dependable cash flow for the year ahead, and as such, we move into
2024 with strong confidence."
* DPS bids have previously been referred to as "Waves" by
Northcoders. In line with the Department for Education's adoption
of new terminology, "Wave X" will from now be referred to by the
company as "DPS X"
- Ends -
For further enquiries:
Northcoders Group plc Via Buchanan
Chris Hill, CEO Tel: +44 (0) 20 7466 5000
Charlotte Prior, CFO investors.northcodersgroup.com
WH Ireland Limited (Nominated Adviser & Joint Broker) Tel: +44 (0)20 7220 1666
Mike Coe / Darshan Patel / Sarah Mather (Corporate Finance)
Peterhouse Capital Limited (Joint Broker) Tel: +44 (0) 20 7496 0930
Martin Lampshire www.peterhousecap.com
Lucy Williams
Duncan Vasey
Buchanan Communications Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham northcoders@buchanan.uk.com
Steph Whitmore
Jamie Hooper
Notes to Editors
Northcoders is one of the UK's highest quality technology
training businesses, offering tuition across a broad suite of
digital areas including software development, data engineering and
cloud engineering (DevOps). Founded in 2015, the Group's B2C and
B2B programmes are award winning, and this premium reputation has
helped grow a network of 600+ corporate hiring partners for its
alumni.
The Group is focused on making an immediate impact on corporate
diversity and accessibility, and its remote learning courses are
offering individuals across the UK, from every background, entry to
the technology skills market. As emerging technologies further
increase the need for digital experts, demand for these services
continues to grow. Through further geographic expansion, customer
diversification, new training formats and new course introductions,
Northcoders is rapidly scaling to address the UK's digital skills
gap.
Northcoders was admitted to trading on AIM in July 2021 with the
ticker CODE. For additional information please visit
investors.northcodersgroup.com.
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END
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