Technology training firm Northcoders achieves record revenues but slips to pre-tax loss after investment
The company, which has bases in Leeds, Manchester, Birmingham and Newcastle, said 2023 turnover increased by 27 per cent, up from from £5.6m in 2022, driven by geographic expansion and entry into new disciplines.
However, the firm made a £1.2m pre-tax loss, compared with a pre-tax profit of £346,429 the previous year.
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Hide AdNorthcoders attributed this to investment in infrastructure and the launch of its B2B training division.
The cash balance at the year-end of £1.6m, which the company said would enable it to continue with its growth plans, whilst remaining prudent as appropriate with wider costs.
It added that cash investment into internal infrastructure is expected to decrease in the year ahead and a new £10m extended contract with the Department for Education won in January 2024 would enable cash generation to strengthen.
Throughout the year, the company trained 2,852 individuals, up from 1,685 in 2022.
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Hide AdChief executive Chris Hill said: “Despite the subdued technology hiring market making FY23 more challenging in certain areas of the business, we have continued to fulfil our ambitious growth strategy.”
He added: “There’s no doubt that digital transformation continues to be at the forefront of business priorities, driving individual and corporate training demand for our services.”