Corporate News

Northcoders (AIM:CODE), a UK market leading technology training business, is pleased to announce its results for the six months ended 30 June 2025 (‘H1 2025’ or the ‘Period’).

Download To view a full version of the results in  PDF format  click here To download the Results Presentation click here

 

Financial Highlights

• Reported revenue of £3.7 million (H1 2024: £4.4 million)
• Gross margin remained at 67% (H1 2024: 67%)
• Expenditure/ group overheads down 20% year-on-year at £2.1million (H1 2024: £2.5 million)
• Underlying adjusted EBITDA of £0.4 million (H1 2024: £0.4 million) with an increased EBITDA margin of 11% (H1 2024: 10%)
• Adjusted EPS 1.28 pence (H1 2024: 2.58 pence)
• Strong balance sheet with net cash of £0.9 million (H1 2024: £0.7 million) excluding lease liabilities, and gross cash of £2.3 million (H1 2024: £1.3 million) following NatWest refinance.

Operating Highlights

• Our B2B Counter® consultancy division expanded contracts within Skipton Building Society, Manchester Airport Group and a major UK Government department
• UK Government funding remains unpredictable as more changes to internal departments are announced
• Group awarded OFSTED ('Office for Standards in Education, Children's Services and Skills') ‘Outstanding’ across all areas, making Northcoders in the top 6% of higher education providers nationally
• Next Gen Data & AI Course launched with 100% private funding
• 24 seats secured for Lancashire Skills Bootcamp funding in the Training Bootcamps division.

Current trading and outlook

• Counter® secures new £0.5 million contract with leading provider of business management software
• The Group continues to carefully monitor overheads to align with Group revenue and take swift action in response to the unpredictable UK training landscape whilst focusing on quality client outcomes
• AI and digital transformation are rapidly reshaping the workforce driving corporate demand for senior technologists
• Charlotte Prior, CFO, has notified the Board of her intention to step down as CFO and as a Director of the Company with effect from 6 April 2026.

Chris Hill, CEO of Northcoders, commented:

"In a dynamic landscape where digital transformation is a necessity, Northcoders continues to demonstrate its leading market reputation. Whilst navigating a challenging UK Government funding environment for our B2C operations, we have delivered stable profitability, which is testament to our robust operational efficiencies and the scalable power of our NCore platform.

“The immediate environment remains challenging, with regional funding delays expected to affect H2 2025 revenues with non-recurring costs expected in the second half of 2025. Although we expect the second half of the year to be weaker than the first, the Group's strong cash position, proven ability to adapt, and commitment to disciplined execution provide a solid foundation for future growth and a return to profitability in 2026.

“The Board is confident that the decisive steps being taken now, will enable Northcoders to capitalise on significant long-term opportunities in technology skills and services with an agile and innovative approach, as the Group continues to create life-changing opportunities for individuals from all walks of life and delivering greater value for our shareholders”

Investor Meet Company presentation

Northcoders will be presenting via the Investor Meet Company platform today at 12:00 p.m. (BST). The meeting will be hosted by Chris Hill (CEO) and Charlotte Prior (CFO), and there will be an opportunity for Q&A at the end of the session. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 9.00 a.m. the day before the meeting or at any time during the live presentation. To sign up to the Northcoders Group presentation via Investor Meet Company please click the following link:

https://www.investormeetcompany.com/northcoders-group-plc/register-investor

 

For further enquiries:

Northcoders Group plc	Via Burson Buchanan
Chris Hill, CEO	Tel: +44 (0) 20 7466 5000
Charlotte Prior, CFO	investors.northcodersgroup.com
Zeus (Nominated Adviser & Joint Broker)	Tel: +44 (0) 20 3829 5000
Mike Coe / Darshan Patel (Investment Banking) Fraser Marshall (Sales)
Peterhouse Capital Limited (Joint Broker)	Tel: +44 (0) 20 7496 0930
Martin Lampshire	www.peterhousecap.com
Lucy Williams Duncan Vasey
Burson Buchanan (Financial Communications)	Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham	northcoders@buchanan.uk.com
Steph Whitmore Jesse McNab	www.bursonbuchanan.com

   

 

Notes to Editors

Northcoders is a market leading provider of technology training for businesses and individuals with courses in, Software Engineering, Data Engineering and Platform Engineering. Founded in 2015, the Group's business model operates an online teaching model with head office in Manchester.

Powered by IP rich technology, Northcoders offers bootcamp courses to individuals from a range of backgrounds, delivered through virtual learning. The Group also works with blue chip corporates across multiple sectors to help them to achieve their digital requirements, with teams as a service and to supply innovative solutions for the upskilling and reskilling of employees. With a keen focus of inclusivity, diversity and quality at its core, Northcoders aims to address the digital skills gap in the UK to meet the increasing demand for digital specialists at all levels, from businesses and public agencies.

Northcoders was admitted to trading on AIM in July 2021 with the ticker CODE.L.  For additional information please visit investors.northcodersgroup.com.