Shares in Manchester-headquartered software coding trainer Northcoders have surged after it won a £4m contract from the UK Government.
The AIM-listed company’s shares jumped by more than 12% following the news it had secured the money from the Department for Education Skills Bootcamps Wave 3 bid.
This new round of funding provides Northcoders with £4m worth of scholarships to train individuals on its bootcamp.
Shares in Northcoders are now trading at 284p, their highest value since the start of May.
In a statement, the business said: “The new contract provides the company with revenue visibility into FY23, which is expected to be another year of significant growth.
“Signing contracts such as this, and Northcoders initiatives such as the new corporate Developer Incubator, enable the company to plan revenue further into the future than ever before providing comfort for future targets.”
Chief executive Chris Hill said: “I am delighted that Northcoders been able to secure this additional £4 million government funding through the Department for Education.
“As well as providing the company with additional revenue visibility, it also demonstrates how well-regarded our technology training courses are in the UK.
“With one of the company’s core values being to improve diversity and inclusion within the tech industry, Northcoders are pleased to continue to offer these scholarships that provide accessibility to people from all walks of life across the UK whilst helping address the significant UK digital skills gap.”
