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 £10 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"