Corporate News

Interim Results

30 September 2026

• Revenue of £1.4 million (H1 FY25: £3.7 million), reflecting the anticipated reduction in government-funded training revenues as the Group continued its strategic transition towards a predominantly B2B corporate revenue model.
• Gross profit of £0.7 million (H1 FY25: £2.5 million), with gross margin of 55% (H1 FY25: 67%), reflecting the changing revenue mix towards corporate project work.
• Adjusted EBITDA loss of £0.5 million (H1 FY25: £0.4 million profit) and loss before tax of £0.7 million (H1 FY25: £0.1 million profit). 
• Cash of £0.6 million at 30 June 2026 (31 December 2025: £1.6 million) and net assets of £1.7 million (31 December 2025: £2.3 million).

Strategic and Operational Highlights

• The Group is fundamentally transforming its revenue mix in line with its strategy, 76% of FY26 revenue recognised to date and currently contracted from B2B corporate customers, compared with FY24, when 87% of Group revenue came from government-funded training.
• Approximately £2.4 million of B2B corporate revenue has now either been recognised or contracted for delivery during FY26, including approximately £2.4 million through Counter.
• Further near-term corporate opportunity pipeline of approximately £3.6 million, of which approximately £0.3 million could be recognised during FY26, subject to successful conversion and delivery timing.
• Restructuring is substantially complete, creating a simpler and more agile business with a materially lower fixed cost base and break-even point.
• Northcoders AI launched in September 2026, and is already generating initial contracted revenue and encouraging commercial engagement, while strengthening the Group’s wider business development pipeline.
• H2 revenue is expected to be materially ahead of H1 and, based on current contracted revenues and the reduced cost base, the Board expects the adjusted EBITDA loss in H2 to be materially reduced compared with H1, with the final quarter of FY26 expected to be EBITDA positive.

Chris Hill, CEO of Northcoders, commented:

"The first half reflects a significant period of change for Northcoders. While revenues are lower, we have undertaken a genuine reset of the business, materially reduced our fixed cost base and repositioned the Group around a much clearer B2B corporate strategy. The change in revenue mix is significant, moving from almost 90% government-funded training in FY24 to 76% of FY26 revenue coming from B2B corporate customers.

“Counter continues to build scale and contracted visibility and we have been encouraged by the early commercial response to Northcoders AI. We enter H2 as a simpler, leaner and more agile business, with revenue expected to be materially ahead of H1 and a substantially lower break-even point. There remains more to do, but we believe we have a credible platform from which to return to profitable growth"

Investor Meet Company presentation

Northcoders will be presenting via the Investor Meet Company platform today, 30 September 2026, at 3:00 p.m. (BST). The meeting will be hosted by Chris Hill (CEO), and there will be an opportunity for Q&A at the end of the session.

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

Investors who already follow NORTHCODERS GROUP PLC on the Investor Meet Company platform will automatically be invited.

 

For further enquiries:

Northcoders Group plc
Chris Hill, CEO ir@northcoders.com investors.northcodersgroup.com
Zeus (Nominated Adviser & Joint Broker)	Tel: +44 (0) 20 3829 5000
Mike Coe / Darshan Patel (Investment Banking)Fraser Marshall (Sales)
Albr Capital Limited (Joint Broker)	Tel: +44 (0) 20 7496 0930
Martin Lampshire	https://albrcapital.com/
Lucy Williams Duncan Vasey

Notes to Editors

Northcoders Group plc provides technology talent, training and consultancy services to businesses and individuals across the UK. Founded in 2015, the Group supports organisations in building, developing and deploying high-quality technology capability across Software Engineering, Data Engineering, AI and Machine Learning, Platform Engineering and Quality Engineering.

Through Northcoders, the Group delivers industry-leading technology training and talent development, working with businesses to recruit, train and develop the technology teams they need.

Through Counter®, the Group provides technology consultancy and teams-as-a-service to blue-chip organisations across the public and private sectors. Counter works alongside customers to solve complex technology challenges, providing experienced technology professionals and high-performing teams across software, data, testing and emerging technologies.

With inclusivity, diversity and quality at its core, Northcoders Group aims to address the UK’s digital skills and capability gap by helping organisations access, develop and deploy the technology talent they need in a rapidly evolving technology/AI market.

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