Northcoders pivots to B2B consultancy as revenues fall amid funding shift

The latest announcement is out from Northcoders Group PLC ( (GB:CODE) ).

Northcoders reported a sharp fall in 2025 revenue to £4.9 million and a swing to an adjusted EBITDA loss, reflecting a strategic reset after changes to UK government skills funding, though it ended the year with a stronger cash position, a new £1.5 million debt facility and £2.1 million of annualised cost savings. The company is pivoting toward higher-margin B2B consultancy via its Counter® division, which grew revenue 77%, while maintaining strong demand in its bootcamp business, expanding into data, AI and machine learning training, and entering 2026 with a strengthened pipeline, new ISO accreditations and improved visibility that management believes will support sustainable growth.

Spark’s Take on CODE Stock

According to Spark, TipRanks’ AI Analyst, CODE is a Outperform.

Northcoders Group PLC demonstrates strong financial performance and strategic growth through recent contract wins, which are significant positives. However, technical analysis indicates bearish momentum, and cash flow management needs improvement. The stock’s undervaluation presents an opportunity, but the lack of a dividend yield may deter some investors.

To see Spark’s full report on CODE stock, click here.

More about Northcoders Group PLC

Northcoders Group PLC is a UK-based provider of technology training and services, specialising in coding bootcamps and digital skills development. The company operates both business-to-consumer training programmes and a growing business-to-business consultancy division, Counter®, which serves clients across public and private sectors, including through government frameworks such as G-Cloud.

Average Trading Volume: 4,107

Technical Sentiment Signal: Sell

Current Market Cap: £2.2M

For detailed information about CODE stock, go to TipRanks’ Stock Analysis page.