Northcoders Group (CODE) Trading update summary

FY2025 trading

• Unaudited FY2025 revenue £5.0m vs £8.8m in FY2024; gross margins remained strong amid fewer government-funded learners.

• A statutory FY2025 loss is expected, mainly from government funding changes and impairment of assets no longer central to delivery.

Training and funding

• B2C training revenue not funded by government reached ~£0.4m; new Next Gen Data and AI training showed early progress.

• DfE contracts were won in Lancashire and with the GLA; London demand exceeded 30 applications per available seat, and further funding improved H1 2026 bootcamp revenue visibility.

Counter consultancy

• Counter FY2025 revenue rose 67% to £1.5m from £0.9m; booked sales reached ~£2.5m.

• ~£1.0m of contracted revenue rolled into FY2026, most expected to be delivered in H1; pipeline continues to grow.