The Northcoders Group PLC (LON: CODE) share price rallied 3.61% after revealing that it had won a new contract with R² Factory, which is part of the Rolls Royce Group.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The contract requires Northcoders to run a developer incubator programme and is worth £0.45 million. The contract comes after the coding company completed a similar programme for R² Factory earlier this year.
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The muted reaction from investors was unexpected given that Northcoders shares had given up all their gains at the time of publishing and were trading in negative territory. The move lower was primarily driven by negative investor sentiment.
Northcoders’ last significant announcement came via one of its institutional investors, Vela Technologies, on 28 November 2022. The investment company noted that it had participated in the secondary placing where Northcoders raised £2.1 million before expenses.
In addition, the coding company announced the launch of four new technology training courses on 21 November 2022, which include Agile Project & Product Management, Cyber Security, Quality Assurance and Platform Engineering.
Northcoders has an enviable client roster that includes government-funded programmes and large private-sector clients such as KPMG and EMaC Ltd. The company’s Business Solutions division just won multiple new contracts with the above clients.
Chris Hill, Northcoders Group plc’s CEO, said: “We are really pleased that R² Factory and Rolls Royce have renewed their contract with our Business Solutions division for another year, and this type of recurring business is a testament to the high-quality service that we provide for our clients. The developer incubator programme that we are running for them is the same as last year but with a different team made up of four junior and one senior developer.”
The CEO also highlighted the importance of its Developer Incubator programme, which is part of its Business Solutions division, to its overall success. The programme is also critical to the firm’s new technical training courses. The division plays a critical role in Northcoders' mission to provide the technologists needed by the UK while changing lives.
CODE shares are up 26.2% this year and could rally higher next year if it keeps winning new business.
*This is not investment advice.
Northcoders (CODE) share price.
The Northcoders (CODE) share price edged 3.61% higher to trade at 316.00p, rising from Tuesday’s closing price of 305.00p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.