Northcoders Group has announced that its revenue for the first half of the year has increased, and it is optimistic about achieving further growth throughout the rest of the year. The training software provider, listed on the London Stock Exchange, has also secured additional funding of £4.5 million from the Department for Education in England.

The funding, obtained through the Skills Bootcamps Wave 4 bid, provides the company with strong revenue visibility not only for the second half of 2022 but also for 2024. Additionally, this contract win results in a 12.5% increase in funding per student, which is expected to boost the gross profit margins of Northcoders Group’s training products. This increase will also help offset recent inflation-related cost rises.

In the first half of this year, Northcoders Group saw its revenue rise to £3.5 million compared to £2.3 million in the same period last year. As of June 30, the company’s revenue visibility for the year stands at £6.75 million, which represents 70% of market expectations for the year.

Despite challenging market conditions, Chief Executive Chris Hill expressed confidence in achieving further growth for the full year.

At 0716 GMT, shares of Northcoders Group were trading at 220 pence, up by 2 pence or 0.9%.

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