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Chris Hill, CEO & Charlotte Prior, CFO of Northcoders discuss their first full year results as a quoted company, describing it as a successful year, significantly growing revenue by 86% and EBITDA by 155%.
Financial Highlights
· Group revenue up 86% to £5.6 million (FY21: £3.0 million)
o Consumer revenue increased by 77% to £4.9 million (FY21: £2.8 million)
o Corporate revenue increased by 189% to £0.7 million (FY21: £0.3 million)
· Gross profit up 82% to £3.9 million (FY21: £2.2 million) with a gross profit margin of 70%
· Adjusted EBITDA slightly ahead of market expectations up 152% to £0.9 million (FY21: £0.4 million)
· Profit before tax £0.3 million (FY21: loss £0.5 million)
· Cash balance as at 31 December 2022 of £2.8 million (31 December 2021: £1.6 million)