London Stock Exchange welcomes Northcoders Group PLC to AIM
London Stock Exchange today welcomes Northcoders Group plc (‘Northcoders’), an independent provider of training programmes for software coding, to AIM under the stock market ticker CODE. The Admission price was 180p, resulting in a market capitalisation of £12.5milion. The Group joins the market to allow it to access the capital it needs to facilitate its growth strategy, particularly enabling it to roll out its model geographically with an additional hub in Birmingham and the opening of two other hubs in 2022.
Manchester-headquartered Northcoders offers a range of software coding training programmes and development solutions to individual and corporate customers. The Company’s offering includes ‘bootcamp’ training courses, government funded apprenticeships, bespoke training courses and software development solutions. The Company operates a hybrid delivery model by providing its services digitally via its online platform and in person at one of Northcoders’ regional office ‘hubs’ currently located in Manchester and Leeds, or in-house at corporate clients’ offices.
The business has grown substantially since teaching its first cohort of students in April 2016, today having trained over 800 students to date. The Group won Business of the Year in the National Chambers Business Awards in 2018, and in 2019, moved its headquarters to its flagship facility at the heart of Manchester’s Innovation Centre. The Covid-19 pandemic prompted the move to remote online delivery of its courses which was successfully implemented during 2020, and the Group now operates a hybrid model which has the dual benefit of allowing students to study flexibly while making the business more scalable and less capital intensive.
With a keen focus of inclusivity, diversity and quality at its core, Northcoders aims to address the digital skills gap in the UK to meet the increasing demand for digital specialists from corporates and government. It operates in a significant and growing market, with the Covid-19 pandemic having accelerated the digital transformation of businesses and highlighted the need for digital coding skills.
The Group’s regional expansion will include hubs in initial target areas such as Birmingham, Liverpool, Newcastle and Sheffield. Admission will also help to facilitate increased marketing spend and in turn an increased profile to attract, retain and recruit key staff, while providing opportunities to finance further organic growth and potential acquisitive growth in the business.
Chris Hill, Founder and Chief Executive Officer of Northcoders, commented:
“I am delighted for Northcoders to be admitted to AIM of London Stock Exchange. Today marks a real milestone in the Group’s growth since foundation in 2016, and I am very proud to be leading the Group as it begins its life as a public company, supported by our new shareholders.
“Demand for digital training in the UK has never been stronger, having been catalysed by challenges to businesses brought about by Covid-19. The government has also clearly signalled its support for improving access to all forms of education, especially through apprenticeships like those we offer. We’re very proud of the reputation we have built as a leader in the market, supported by the high satisfaction and employment rates we have achieved and the significant and growing list of Northcoders hiring partners, including blue-chip corporates. We look forward to welcoming many more students and organisations to the Group’s training courses in the future.
“We are very excited to begin trading on AIM today and would like to thank all of our shareholders and our staff for their support and commitment. We look forward to continuing to grow the business as we move forward in this next chapter.”