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Northcoders Group PLC
(LSE:CODE)
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Rating:44Neutral
Price Target:
21.00 p
▲(7.69% Upside)
Action:Upgraded
Date:10/02/26
The score is primarily held down by weak and volatile financial performance, including the sharp 2025 revenue decline, a swing back to large losses, and inconsistent cash generation. Technicals provide some near-term support (price above short-term averages and positive MACD), but the extremely overbought RSI and weak longer-term trend limit the benefit. Valuation is also a drag because the negative P/E reflects loss-making results and dividend yield is unavailable.
Positive Factors
Diversified training revenues
Multiple customer channels give Northcoders more than one route to revenue, spanning individuals, employers, public-sector organisations and hiring relationships. This diversification can support resilience and create opportunities to rebalance toward stronger-funded cohorts or employer programmes over the next several quarters.
Negative Factors
Sharp revenue and profit deterioration
The latest results show that Northcoders has not yet demonstrated stable earnings power: a profitable 2024 was followed by a severe revenue decline and deep losses in 2025. Such volatility can restrict investment, weaken operating leverage and make recovery dependent on a sustained improvement in enrolments or contracts.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified training revenues
Multiple customer channels give Northcoders more than one route to revenue, spanning individuals, employers, public-sector organisations and hiring relationships. This diversification can support resilience and create opportunities to rebalance toward stronger-funded cohorts or employer programmes over the next several quarters.
Read all positive factors
Northcoders Group PLC (CODE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.68M
Dividend YieldN/A
Average Volume (3M)3.42K
Price to Earnings (P/E)―
Beta (1Y)-0.51
Revenue Growth-67.63%
EPS Growth-1172.15%
CountryUK
Employees79
SectorConsumer Defensive
Sector Strength42
IndustryEducation & Training Services
Share Statistics
EPS (TTM)-0.47
Shares Outstanding8,011,469
10 Day Avg. Volume10,113
30 Day Avg. Volume3,422
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.63M | 4.95M | 8.82M | 7.10M | 5.60M | 3.01M |
| Gross Profit | 893.72K | 2.42M | 5.50M | 4.44M | 3.94M | 2.16M |
| EBITDA | -1.64M | 815.40K | 872.27K | -81.70K | 715.79K | -167.58K |
| Net Income | -3.76M | -3.03M | 388.86K | -1.01M | 359.54K | -358.12K |
Balance Sheet | ||||||
| Total Assets | 3.19M | 4.10M | 6.99M | 7.26M | 7.34M | 4.40M |
| Cash, Cash Equivalents and Short-Term Investments | 552.98K | 1.62M | 1.19M | 1.62M | 2.78M | 1.56M |
| Total Debt | 1.00M | 1.20M | 670.14K | 1.13M | 1.79M | 1.62M |
| Total Liabilities | 1.53M | 1.78M | 1.67M | 2.45M | 2.69M | 2.25M |
| Stockholders Equity | 1.66M | 2.32M | 5.31M | 4.82M | 4.64M | 2.15M |
Cash Flow | ||||||
| Free Cash Flow | -1.35M | -137.27K | 890.51K | -186.07K | -770.15K | -1.40M |
| Operating Cash Flow | -1.35M | -134.62K | 928.92K | 651.44K | -245.03K | -1.09M |
| Investing Cash Flow | 1.86K | -78.15K | -819.08K | -996.76K | -515.36K | -302.67K |
| Financing Cash Flow | -394.57K | 651.39K | -588.29K | -814.78K | 1.97M | 2.43M |
Northcoders Group PLC Technical Analysis
Positive
19.50
Price Trends
19.73
Positive
21.64
Negative
25.30
Negative
Market Momentum
0.48
Negative
68.40
Neutral
77.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CODE, the sentiment is Positive. The current price of 19.5 is below the 20-day moving average (MA) of 20.18, below the 50-day MA of 19.73, and below the 200-day MA of 25.30, indicating a neutral trend. The MACD of 0.48 indicates Negative momentum. The RSI at 68.40 is Neutral, neither overbought nor oversold. The STOCH value of 77.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CODE.
Northcoders Group PLC Peers Comparison
UnderperformOutperform
Sector (62)
GB:CODE
Northcoders Group PLC
21.00
-11.40
-35.19%
GB:MLVN
Malvern International
16.50
-7.00
-29.79%
GB:WIL
Wilmington
278.00
-66.40
-19.28%
Northcoders Group PLC Corporate Events
Business Operations and StrategyFinancial Disclosures
Northcoders pivots to corporate tech work amid interim loss
Neutral
Sep 30, 2026
Northcoders Group plc, a UK-based technology talent, training and consultancy provider, works with corporate and individual clients to build and deploy software, data, AI and engineering capabilities. Operating through its Northcoders training bus...
Business Operations and StrategyFinancial Disclosures
Northcoders to Present Interim Results and Engage Investors via Live Online Event
Positive
Sep 21, 2026
Northcoders Group PLC has scheduled the release of its interim results for the six months ended 30 June 2026, with the announcement to be made on Wednesday, 30 September 2025. The timing underscores the company’s commitment to regular financ...
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.