Northcoders Group (CODE) Trading update summary

H1 performance

• H1-2024 revenue rose 26% to £4.4m from £3.5m YoY; trading was in line with market expectations.

• Cash balance was £1.3m at 30 June 2024; record demand and wider UK brand reach supported revenue growth.

Training bootcamp division

• Core programme applications were 6,766 vs 6,984 in H1-2023; applicant registrations rose 37% to 4,959 from 3,609.

• Graduate placements increased by over 25% amid recruitment market challenges; hiring partner network reached around 500 companies vs 465 at FY-2023.

• Applications from outside England rose to 127 from 53 YoY; flexible part-time course Alpha cohort is scheduled to begin in H2-2024.

Corporate solutions

• Corporate Solutions was rebranded as COUNTER; three pilot contracts commenced in H1 with clients across banking, investment administration and building society sectors.

• COUNTER deploys UK-based technology teams, drawing on Northcoders and Tech Returners talent pools; future opportunities pipeline continued to build.