Northcoders Reports H1 Revenue Dip, Maintains Gross Margin at 67%
Northcoders, a Manchester-based tech training provider, has reported a slight dip in revenue and gross profits for the first half of 2025. Despite this, the company's gross margin remained steady at 67%.
The company's revenue for the first six months of 2025 stood at £3.7 million, down from £4.4m in the same period last year. Gross profit for the same period was £2.5m, a decrease from £2.9m in 2024. However, Northcoders' gross margin held firm at 67%, indicating a strong control over costs.
Underlying adjusted EBITDA for the first half of 2025 matched the previous year at £400,000, with an EBITDA margin of 11%. The company achieved this by reducing group overheads by 20% year-on-year to £2.1m through cost-cutting measures. The consultancy arm, Counter, drove growth during this period.
Northcoders also received an 'Outstanding' rating from OFSTED for its training operations, placing it in the top 6% of higher education providers nationally. Despite government funding for bootcamps remaining unpredictable, the company's financial performance remained robust.
Northcoders has reported a small drop in revenue and gross profits for the first half of 2025. Despite this, the company's gross margin held firm, and it achieved an 'Outstanding' rating from OFSTED. The company's CFO, Charlotte Prior, will step down in April 2026 for personal reasons. Northcoders will continue to focus on cost control and growth through its consultancy arm.
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