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.
5 annual reports read, FY2021 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (5)
FY2026Next report expected 7 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueTraining 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 5AndCounter® B2B consultancy/embedded engineering
Counter® revenue grew 77% year-on-year to £1.5m (FY24: £0.8m), with total sales of approximately £2.5m
page 10What moved the marginheadwindMix 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 9AndtailwindDisciplined direct cost control
Maintained tight cost control and operational discipline to manage cost pressures and protect margins amid reduced revenue
page 9What management saidChair: '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 9After the year endDirectors' report states there have been no post balance sheet events requiring disclosure; however, dilapidations expense relating to the Leeds office exit (agreed in excess of prior estimates) was agreed and settled subsequent to the year end
page 30The dividendNo final dividend is being recommended in respect of the year ended 31 December 2025, given the loss after taxation of £(3.02)m
page 30Going concern and the auditAuditor Gerald Edelman LLP issued an unqualified opinion; the financial statements give a true and fair view. Going concern reviewed over a period of at least 18 months from approval; the auditor identified no material uncertainty relating to going concern. Key Audit Matter: Revenue recognition (Group); group materiality £74,000 (1.5% of Group revenue, 2024: £132,000); intangible asset impairment no longer considered a KAM in the current year
page 33The risks it names first- Revenue and profitability risk – operating results may fluctuate; failure to achieve/sustain profitability could severely harm the businessp.19
- Dependence on key contracts/government funding – historic high concentration of revenue through government-funded contracts; move to regionalised funding introduces variability (risk level reduced during 2025)p.19
- ESFA and Ofsted inspections – a poor rating could tarnish reputation or cause removal of future fundingp.20
- Economic conditions – high interest rates/inflation/geopolitical instability may reduce consumer spending and partner hiringp.20
Read from C000918-AR-2025-ch.
- FY2022Year to 31 Dec 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 31 Dec 2021 Opens with a free accountThe report, its reading and its figures