Northcoders Group PLC New contract win -- Department for Education (7556Z)

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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