Manchester-based tech training provider Northcoders has reported a small drop in revenue and gross profits for the first half of 2025, with its consultancy arm Counter driving growth while government funding for bootcamps remains unpredictable.
Alongside its results, the AIM-listed business confirmed that CFO Charlotte Prior will step down from her role and the board in April 2026 for personal reasons.
She will oversee the completion of the current financial year and manage an orderly handover to her successor.
For the first six months of 2025, the company delivered revenue of £3.7 million, down from £4.4m in the same period last year.
Gross profit sat at £2.5m, a slight decrease year-on-year from £2.9m.
Despite the dip, gross margin held firm at 67%, while cost-cutting reduced group overheads by 20% year-on-year to £2.1m.
Underlying adjusted EBITDA came in at £400,000, matching H1 2024, with EBITDA margin improving slightly to 11% from 10%.
Counter expanded contracts with Skipton Building Society, Manchester Airport Group and a major UK government department, as well as securing a £500,000 contract post-period end with a leading SaaS platform.
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The group’s training operations also achieved a milestone, as Northcoders was rated ‘Outstanding’ across all areas by OFSTED, placing it in the top 6% of higher education providers nationally.
It also launched a fully privately funded Next Gen Data & AI course and secured 24 seats under the Lancashire Skills Bootcamp scheme.
“In a dynamic landscape where digital transformation is a necessity, Northcoders continues to demonstrate its leading market reputation,” said CEO Chris Hill.
“Whilst navigating a challenging UK government funding environment for our B2C operations, we have delivered stable profitability, which is testament to our robust operational efficiencies and the scalable power of our NCore platform.
“Although we expect the second half of the year to be weaker than the first, the group’s strong cash position, proven ability to adapt, and commitment to disciplined execution provide a solid foundation for future growth and a return to profitability in 2026.
“The board is confident that the decisive steps being taken now will enable Northcoders to capitalise on significant long-term opportunities in technology skills and services with an agile and innovative approach, as the group continues to create life-changing opportunities for individuals from all walks of life and delivering greater value for our shareholders.”
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