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Northcoders Group PLC
(LSE:CODE)
Select Model
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Rating:40Underperform
Price Target:
18.50 p
▼(-3.90% Downside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by weak financial performance, highlighted by the 2025 revenue drop, a swing to significant losses, and inconsistent/negative free cash flow. Technicals add downside risk with a clear longer-term downtrend, only partially tempered by very oversold RSI. Valuation provides limited support because the negative P/E reflects ongoing losses and no dividend yield is available.
Positive Factors
Diversified revenue streams
Northcoders' mixed revenue model—individual tuition, B2B/public-sector contracts and employer-linked placement arrangements—creates multiple demand channels. This reduces concentration risk, supports steadier enrollment and employer demand, and helps sustain revenue through different economic cycles.
Negative Factors
Sharp revenue decline and profit volatility
A ~39% revenue decline and the swing from profit to deep losses indicate high business volatility and weak demand execution. Such abrupt deterioration undermines forecasting, stresses margins and could require structural changes to the commercial model or cost base to restore sustainable, predictable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue streams
Northcoders' mixed revenue model—individual tuition, B2B/public-sector contracts and employer-linked placement arrangements—creates multiple demand channels. This reduces concentration risk, supports steadier enrollment and employer demand, and helps sustain revenue through different economic cycles.
Read all positive factors
Northcoders Group PLC (CODE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.56M
Dividend YieldN/A
Average Volume (3M)11.25K
Price to Earnings (P/E)―
Beta (1Y)-0.44
Revenue Growth-43.88%
EPS Growth-879.38%
CountryUK
Employees79
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, established in 2021 and based in Manchester, UK, offers a wide array of software coding education programs across the United Kingdom. The company serves a diverse client base, including private individuals, government organi...
How the Company Makes Money
Northcoders makes money primarily by charging fees for training. A key revenue stream is tuition paid by individuals enrolling in its coding and data training programs (for example, software development bootcamps and related courses). The company ...
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
Neutral
19.25
Price Trends
21.47
Negative
23.86
Negative
27.53
Negative
Market Momentum
-0.44
Negative
41.34
Neutral
75.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CODE, the sentiment is Neutral. The current price of 19.25 is below the 20-day moving average (MA) of 19.36, below the 50-day MA of 21.47, and below the 200-day MA of 27.53, indicating a neutral trend. The MACD of -0.44 indicates Negative momentum. The RSI at 41.34 is Neutral, neither overbought nor oversold. The STOCH value of 75.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:CODE.
Northcoders Group PLC Peers Comparison
UnderperformOutperform
Sector (62)
GB:CODE
Northcoders Group PLC
19.50
-12.00
-38.10%
GB:MLVN
Malvern International
21.50
4.50
26.47%
GB:WIL
Wilmington
269.00
-65.78
-19.65%
Northcoders Group PLC Corporate Events
Business Operations and StrategyShareholder Meetings
Northcoders Wins Strong Shareholder Backing at AGM
Positive
Jun 22, 2026
Northcoders Group PLC reported that all resolutions at its latest Annual General Meeting were approved by shareholders, underscoring strong investor support for the technology training provider. The meeting saw backing for the adoption of 2025 acc...
Financial DisclosuresShareholder Meetings
Northcoders publishes 2025 annual report and sets date for 2026 AGM
Neutral
May 19, 2026
Northcoders Group PLC, a market leader in UK technology training and consultancy, delivers boot camp courses in software, data, AI and platform engineering via a hybrid physical and digital model from bases in Manchester and London. The company fo...
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.