Northcoders Group (CODE) Trading update summary

Financial performance

• FY24 unaudited revenue rose 24% YoY to £8.8m; trading was in line with market expectations, with a significant profitability increase in line with expectations.

• Cash was £1.2m at 31 Dec 2024 (FY23: £1.6m); net cash was £0.75m (FY23: £0.8m).

Training bootcamps and reach

• Bootcamp enrolments rose 15% to 1,339; registrations increased 24% to 10,575, and the hiring partner network grew to 510 companies.

• Registrations from outside England increased to 474 from 320 in FY23; virtual delivery remains a strategic focus for scalability and profitability.

Consultancy and public sector

• Counter pilot contracts progressed well, renewal terms discussions began, and a full contract with a large airport group commenced; the future sales pipeline is growing.

• Acceptance onto the G-Cloud 14 framework positions Counter for public-sector opportunities, including the NHS.