Code Camp: Cluey’s (ASX:CLU) vertical for extra-curricular skills

Highlights

• Cluey, which has earned awards at multiple forums for its online tutoring services, operates in another key vertical through its Code Camp subsidiary
• Code Camp delivers learning programs focused on coding and new-age technologies like virtual reality and animation, and game design
• It is expected that Code Camp will build on the success of Cluey’s online tutoring vertical, which delivered in excess of 100% year-on-year growth in revenue and gross profit in FY2022

Is there any substance in the famous proverb ‘All work and no play makes Jack a dull boy’? For school-going children, work relates to academic tasks. They need to excel in Mathematics, Sciences, and language/s to become competent and capable graduates. Cluey Ltd, a listed Australian online tutoring company, provides comprehensive tutoring support to students to help them address their academic needs. 

Cluey also acknowledges that the above-cited proverb has substance. Acquiring after-school programs service provider Code Camp was an important milestone in Cluey’s FY2022 achievements. It adds to Cluey’s core online face-to-face tutoring vertical. Thanks to the timely acquisition of Code Camp and its integration with Cluey, Code Camp is now a name to reckon with in Australia and NZ, with inroads being made in the UK market. 

Code Camp -- the enabler

Co/extra-curricular activities that include holiday camps and after-school non-academic programs hold significance in the overall development of students. Curriculum-based subjects like Mathematics and Science are complemented with skills in coding, content creation on platforms like YouTube, animation and robotics. Code Camp is one way to introduce these aspects into students' lives in Australia, NZ, and the UK.  The Code Camp division also runs holiday camps to engage students with non-academic digital and creative programs. 

The success of Code Camp is reflected in its 4.9-star rating on Product Review. Their programs include fun-based lessons in coding and emerging technologies, including animation and virtual reality, and are a hit among students and parents. In addition, parents appreciate how Code Camp is looking beyond regular academic sessions and preparing kids for a new digital age. 

Source: Cluey’s website 

Cluey’s backing

Code Camp is a logical and valuable addition to Cluey’s already thriving online face-to-face tutoring business. In its FY2022 financial results, Cluey highlighted 116% growth in its year-on-year (YoY) revenue and a notable reduction of 24% in its customer acquisition costs (CAC). During the year, Cluey delivered close to 502,110 sessions through Cluey Learning (online) and 36,252 sessions through Code Camp (offline). This figure makes Cluey thelargest provider of online school tutoring services in Australia, hghlights the company. 

Going forward, Cluey expects further significant growth in its Code Camp division.

Source: Chairman’s address to the Annual General Meeting of Shareholders, Tuesday 22 November 2022 

Awards earned by Cluey

Cluey’s progress in the Edtech industry has been acknowledged through various awards. This includes recognition as the Technology Growth Company of the Year at this year’s Australian Growth Company Awards. Cluey has also featured in the 2021 list of fastest growing technology companies in Australia (Deloitte Technology Fast 50 Awards). In addition, HolonIQ has named Cluey Ltd among the most innovative Edtech businesses in Australia. 

On the ASX, CLU shares were trading at AU$0.450 in the early hours of 17 January 2023, up more than 7% from the last close.