Published: January 27, 2026 at 8:54 am
Northcoders has reported a challenging trading year after major changes to the UK Government’s skills funding system led to a sharp fall in funded learners across the sector.
The AIM-listed technology training and consultancy group posted unaudited revenue of £5 million for 2025, down from £8.8m the previous year.
It pointed to structural reforms introduced by the Department for Education that disrupted regional procurement and funding allocation schedules.
Despite the revenue decline, the Manchester-based firm said it maintained strong gross margins through disciplined delivery and careful management of direct costs, alongside a deliberate move away from lower-margin funded provision adopted by some parts of the training sector.
Northcoders also secured Department for Education contracts in Lancashire and with the Greater London Authority during the year.
Counter, its challenger consultancy brand led by managing director Amul Batra, delivered strong growth during 2025.