Corporate News

Northcoders (AIM: CODE), a market leader in technology training and services in the UK, announces its Final Results for the year ended 31 December 2025 (‘FY25’ or the ‘Period’).

FY25 Financial Highlights

• As anticipated, Group revenue decreased to £4.9 million (FY24: £8.8 million) as a result of Northcoders’ strategic reset in response to structural changes in UK government skills funding
• Adjusted EBITDA* of £(0.6) million (FY24: £1.0 million), reflecting a short-term lag between restructuring actions and the full realisation of associated cost savings as the Group resets its cost base
• Robust cash balance of £1.6 million as at 31 December 2025 (FY24: £1.2 million), ready to support the evolved business
• Delivered approximately £2.1 million of annualised cost savings
• Secured a new £1.5 million debt facility with NatWest on improved terms, providing flexible capital
  

FY25 Operational Highlights

• Significant progress within the Group’s consultancy division, Counter®, increasing revenue by 77% to £1.5 million (FY24: £0.8 million) driven by repeat contracts, extensions to current engagements and new client wins
• The division continues to mature, winning private and public sector contracts with frameworks, such as G-Cloud, strengthening routes to market across both public and private sectors
• Secured highly competitive government-funded B2C training contracts, including with the Greater London Authority (‘GLA’) reflecting Northcoders’ reputation as one of the highest quality training providers
• GLA further extended the Northcoders contract at the end of FY25
• Achieved an ‘Outstanding’ Ofsted rating across all areas, reinforcing Northcoders’ position as a leading UK further education provider
• Northcoders continued to evolve its training modules, successfully launching a Data Engineering, AI and Machine Learning bootcamp, in response to rapidly growing employer demand for AI capability

Current Trading and Outlook

• Building on positive momentum in 2025 the Group has made a strong start to FY26, with Counter® continuing to benefit from increasing levels of repeat contracts and extensions to existing engagements, improving revenue predictabilitye
  • Approximately £1.5 million of Counter® revenue contracted, to be recognised in 2026 with a further £1.0 million+ pipeline deals at final stage
• The Group has over £4.0 million of pipeline deals at multiple stages with actively engaged prospects, covering both current and new clients, providing further confidence
• In Q1, Counter has gained multiple ISO accreditations (ISO 9001, 14001, 27001), which, in parallel with the recently awarded places on government frameworks gives the brand significant competitive advantage and credibility, especially within the public sector, critical infrastructure and financial services.
• The B2C training bootcamps division continues to see strong demand across both government-funded and privately funded pathways, particularly in London, where application levels remain high,
• Early delivery of the Group’s Data Engineering, AI and Machine Learning programmes has been encouraging, supporting diversification into higher-value training aligned with employer demand.
  

*Adjusted EBITDA definition – see note 6

Commenting on the Final Results, Chris Hill, CEO of Northcoders, said: "I am proud of Northcoders’ swift and decisive response to the changes in UK government funding for digital skills, and our efforts to fundamentally reshape the business by focusing on B2B consultancy revenue whilst significantly reducing the cost base, have positioned us strongly for the future. These actions were taken with a clear focus on protecting long-term shareholder value and positioning the Group for future growth."

“Our B2B division, Counter®, has continued to build momentum, supported by repeat contracts, extensions and new client wins. Our B2C training bootcamps division remains a critical engine for talent and demand generation, particularly in key regions such as London. At the same time, we have aligned our curriculum with the fastest-growing areas of employer demand, including data, AI and cloud technologies.”

“Whilst market conditions remain mixed in the near term, the long-term requirement for technology skills and services is significant and we are entering FY26 as a leaner, more focused and resilient business. With a strengthened pipeline, improved visibility and a clearer strategic direction, the Board remains confident in Northcoders’ ability to deliver sustainable growth and long-term value for shareholders.”

Analyst meeting & Investor Meet Company Presentation

“Whilst market conditions remain mixed in the near term, the long-term requirement for technology skills and services is significant and we are entering FY26 as a leaner, more focused and resilient business. With a strengthened pipeline, improved visibility and a clearer strategic direction, the Board remains confident in Northcoders’ ability to deliver sustainable growth and long-term value for shareholders.” Analyst meeting & Investor Meet Company Presentation The Company will host a live presentation to discuss the results via Investor Meet Company at 12:00pm today.

Investors can sign up to Investor Meet Company for free and add to meet Northcoders Group plc via: https://www.investormeetcompany.com/northcoders-group-plc/register-investor .

Notes to Editors

Founded in 2015, Northcoders is a market leading provider of technology training and technology consultancy services for businesses and individuals with courses in Software Engineering, Data Engineering, AI and Machine Learning, and Platform Engineering. The Group’s business model operates a hybrid structure with flagship sites in Manchester and London supported by a proven digital offering to support its students across the UK.

Founded in 2015, Northcoders is a market leading provider of technology training and technology consultancy services for businesses and individuals with courses in Software Engineering, Data Engineering, AI and Machine Learning, and Platform Engineering. The Group’s business model operates a hybrid structure with flagship sites in Manchester and London supported by a proven digital offering to support its students across the UK.

Powered by IP rich technology, Northcoders offers bootcamp courses to individuals from a range of backgrounds, delivered through virtual and physical 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.