Northcoders Group PLC (GB:CODE)
LSE:CODE
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Northcoders Group PLC
(LSE:CODE)
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Rating:40Underperform
Price Target:
24.50 p
▼(-23.44% Downside)
Action:Downgraded
Date:04/30/26
The score is held down primarily by sharply deteriorating financial performance (large 2025 revenue decline, swing to deep losses, and negative free cash flow) and bearish technical signals (below key moving averages with negative MACD). Valuation is moderate based on the P/E, but it is not enough to offset weak fundamentals and momentum.
Positive Factors
Diversified Revenue Model
Northcoders operates across individual training, corporate upskilling and talent-placement lines. This multi-channel model reduces single-segment concentration risk, enables cross-selling between corporate and consumer customers, and supports more stable demand for tech skills over the medium term.
Negative Factors
Sharp Revenue Decline
A near 40% year decline materially reduces scale and worsens fixed-cost absorption, weakening margins and operating leverage. Such a steep contraction impairs the company’s ability to invest in growth, undermines placement volumes and may force pricing or structural changes to restore sustainable topline momentum.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Revenue Model
Northcoders operates across individual training, corporate upskilling and talent-placement lines. This multi-channel model reduces single-segment concentration risk, enables cross-selling between corporate and consumer customers, and supports more stable demand for tech skills over the medium term.
Read all positive factors
Northcoders Group PLC (CODE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£2.04M
Dividend YieldN/A
Average Volume (3M)11.25K
Price to Earnings (P/E)―
Beta (1Y)-0.36
Revenue Growth-43.88%
EPS Growth-879.38%
CountryUK
Employees129
SectorConsumer Defensive
Sector Strength42
IndustryEducation & Training Services
Share Statistics
EPS (TTM)-0.38
Shares Outstanding8,011,469
10 Day Avg. Volume6,194
30 Day Avg. Volume11,248
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.09
Price to Sales (P/S)0.51
P/FCF Ratio-18.39
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Northcoders Group PLC Business Overview & Revenue Model
Company Description
Northcoders Group PLC provides various training programs for software coding to individual, government, and corporate customers in the United Kingdom. The company provides bootcamp training courses, government-funded apprenticeships, and bespoke t...
How the Company Makes Money
Northcoders primarily makes money by charging fees for training and education services. Its revenue model typically includes: (1) Individual/consumer training fees: income from learners who pay to attend its coding bootcamps and related courses (i...
Northcoders Group PLC Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
55
Neutral
Cash Flow
30
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.95M | 8.82M | 7.10M | 5.60M | 3.01M |
| Gross Profit | 2.42M | 5.50M | 4.44M | 3.94M | 2.16M |
| EBITDA | -701.87K | 872.27K | -81.70K | 715.79K | -167.58K |
| Net Income | -3.03M | 388.86K | -1.01M | 359.54K | -358.12K |
Balance Sheet | |||||
| Total Assets | 4.10M | 6.99M | 7.26M | 7.34M | 4.40M |
| Cash, Cash Equivalents and Short-Term Investments | 1.62M | 1.19M | 1.62M | 2.78M | 1.56M |
| Total Debt | 1.20M | 670.14K | 1.13M | 1.79M | 1.62M |
| Total Liabilities | 1.78M | 1.67M | 2.45M | 2.69M | 2.25M |
| Stockholders Equity | 2.32M | 5.31M | 4.82M | 4.64M | 2.15M |
Cash Flow | |||||
| Free Cash Flow | -137.27K | 890.51K | -186.07K | -770.15K | -1.40M |
| Operating Cash Flow | -134.62K | 928.92K | 651.44K | -245.03K | -1.09M |
| Investing Cash Flow | -78.15K | -819.08K | -996.76K | -515.36K | -302.67K |
| Financing Cash Flow | 651.39K | -588.29K | -814.78K | 1.97M | 2.43M |
Northcoders Group PLC Technical Analysis
Negative
32.00
Price Trends
27.43
Negative
29.02
Negative
31.45
Negative
Market Momentum
-0.61
Negative
23.45
Positive
74.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CODE, the sentiment is Negative. The current price of 32 is above the 20-day moving average (MA) of 26.20, above the 50-day MA of 27.43, and above the 200-day MA of 31.45, indicating a bearish trend. The MACD of -0.61 indicates Negative momentum. The RSI at 23.45 is Positive, neither overbought nor oversold. The STOCH value of 74.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:CODE.
Northcoders Group PLC Peers Comparison
UnderperformOutperform
Sector (62)
GB:CODE
Northcoders Group PLC
25.50
-26.00
-50.49%
GB:MLVN
Malvern International
22.00
1.50
7.32%
GB:WIL
Wilmington
245.00
-101.32
-29.26%
Northcoders Group PLC Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Northcoders absorbs funding shock as consultancy growth and AI training underpin reset
Positive
Apr 29, 2026
Northcoders reported a sharp decline 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 and a lag before cost savings take full effect. The Group ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Northcoders pivots to B2B consultancy as revenues fall amid funding shift
Neutral
Apr 29, 2026
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 ne...
Business Operations and StrategyFinancial Disclosures
Northcoders Sets Date for 2025 Full-Year Results and Investor Presentation
Neutral
Apr 1, 2026
Northcoders Group PLC has announced that it will publish its full-year results for the year ended 31 December 2025 on 29 April 2026, and will accompany the release with a live online presentation for investors. The scheduled results date and inter...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.