NORTHCODERS GROUP PLC - Full year results for the year ended 31 December 2025

Northcoders Group PLC’s latest investor update outlines a challenging but transformative financial year, reflecting structural changes in UK skills funding and a strategic pivot toward sustainable growth. FY2025 revenue declined to £4.9 million following the transition from national to regional government funding, while EBITDA reported a loss of £0.6 million amid significant market disruption. Despite this, the company demonstrated resilience through decisive cost reduction, preserving gross margins at 59% and maintaining a strong cash position. The group’s growth strategy is increasingly centered on its B2B “Counter” division, which delivered revenue growth to £1.5 million and secured a record £2.5 million order book, highlighting strong demand for embedded technology teams across public and private sectors. With a rebalanced revenue mix, reduced reliance on government funding, and a leaner operating model, Northcoders is targeting break-even performance at approximately £5 million revenue in FY2026. Early trading shows positive momentum, supported by contracted revenue, a robust pipeline, and increasing demand for AI-focused training solutions. The company remains focused on scaling its Counter offering, enhancing commercial training services, and exploring strategic M&A opportunities to drive long-term revenue growth, margin expansion, and shareholder value.