Northcoders Group (CODE) Trading update summary

H1 performance

• H1-2025 revenue expected at £3.7m vs £4.4m in H1-2024; gross margin expected at 70% vs 67%, and adjusted EBITDA at ~£0.4m, unchanged YoY.

• Cash balance £2.3m vs £1.3m in H1-2024; expected to reach £2.7m at 31 July 2025.

Training Bootcamps

• H1-2025 applications were 2,608 vs 6,766 in H1-2024; registrations were 1,608 vs 4,959.

• Privately funded places rose 30% to 43 from 33 in H1-2024, with further growth into H2-2025.

• OFSTED awarded an OUTSTANDING rating, placing provision in the top 6% of UK Further Education providers delivering apprenticeships and skills training.

• Data and AI course launched in June 2025 with positive early feedback; the part-time coding bootcamp now charges full price to privately paying customers.

• Regional funding delays weigh on trading; 24 seats secured through Lancashire Council, with other council decisions expected near term.

COUNTER

• Seven new contracts secured in H1-2025, alongside renewals from Manchester Airports Group and a public sector client; new engagements included Skipton Building Society.

• Three sales hires joined in H1-2025; delivery quality and retention remain strong, with growth potential into H2-2025 and beyond.