Northcoders Group plc
Northcoders Group PLC is a UK technology training specialist operating two main brands: Northcoders, which delivers software/data/AI bootcamp training to consumers (B2C) and corporates (B2B), funded by learners, local councils and the Department for Education; and Counter®, its B2B consulting/embedded engineering delivery arm which places technical teams and consultants with client organisations. The Group also runs the Tech Returners programme, which feeds experienced returners into Counter® delivery teams.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 28 Apr 2026 · 72 pages · Companies House
Northcoders Group, which runs coding and data training bootcamps and a consulting arm called Counter, saw revenue fall to £4.9m in the year to 31 December 2025, from £8.8m the year before. It went from a profit after tax of £389k to a loss of £3.0m.
The main reason was a change in how the Department for Education funds its Skills Bootcamps. Funding moved from a national system to a regional one, which sharply cut the number of funded learners. Counter grew its revenue by 77%, but it earns lower margins. The loss also includes a one-off £1,517,266 cut in the value the company puts on non-physical assets, such as its own development work. There were also restructuring and office-exit costs.
The company ended the year with £1.6m in cash and £1.2m of borrowings, after agreeing a new NatWest loan facility. No dividend is proposed. Management describes a cautious approach focused on cash. It says 2026 has started well, especially in London, and points to about £1.0m of Counter work already contracted. The auditor gave a clean opinion and found no material doubt about the company's ability to keep going.
Training bootcamps (B2C and B2B) funded by consumers upfront/via loans, corporations and local councils
Revenue streams diagram: Training bootcamps (B2C & B2B) and Consultancy (B2B); revenue funded by consumers, corporations and local councils
page 5Mix shift away from volume-led B2C delivery toward Counter® (lower structural margins)
Gross margin decreased by 8pts YoY (67% to 59%), driven primarily by a shift in sales mix and an increased contribution from Counter®, which operates at structurally lower margins
page 9Chair: 'Resilience, discipline and positioning for sustainable growth.' Near-term visibility remains subject to regional implementation timelines; the Board adopts a cautious and disciplined approach with focus on cash management, margin protection and delivery quality.
page 9No final dividend is being recommended in respect of the year ended 31 December 2025, given the loss after taxation of £(3.02)m
page 306 years on one page · FY2020–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 165 confirmed, 6 differ.
No figure has been restated: every figure a later report printed again, it printed the same.