Northcoders Group Plc · LSE:CODE
Northcoders — H1 2025 Earnings Presentation
20 slides from Northcoders's earnings presentation, Sep 30, 2025
Slide 1: Northcoders Group plc 2025 Interim Results
0 Northcoders Group PLC 2025 Interim Results Northcoders Group plc 2025 Interim Results 30 September 2025 northcodersgroup.com northcodersgroup.com
Slide 2: H1 2025 Highlights - Financial
1 Northcoders Group PLC 2025 Interim Results H1 2025 Highlights - Financial • Reported revenue of £3.7 million (H1 2024: £4.4 million) • Gross margin remained at 67% (H1 2024: 67%) • Expenditure/ group overheads down 20% year on year at £2.1million (H1 2024: £2.5 million) • Underlying adjusted EBITD
Slide 3: H1 2025 Highlights - Operational
2 Northcoders Group PLC 2025 Interim Results H1 2025 Highlights - Operational • Our B2B Counter® consultancy division expanded contracts within Skipton Building Society, Manchester Airport Group and a major Government department, with new client pipelines growing • Government funding remains unpredi
Slide 4: Income statement
3 Northcoders Group PLC 2025 Interim Results Revenue per half year 6 months Year ended Income statement 6 months ended ended 31 December 5 4.5 4 30 June 2025 30 June 2024 2024 3.5 **Forecast £ £ £ 3 £M Revenue 3,671,043 4,353,628 8,819,083 2.5 2 1.5 1 Gross profit 2,457,154 2,910,877 5,902,212 0.5 G
Slide 5: Statement of cash flows
4 Northcoders Group PLC 2025 Interim Results Statement of cash flows 6 months ended 6 months ended Year ended 30 June 2025 30 June 2024 31 December 2024 £ £ £ Cash flows from operating activities: 383,602 414,199 975,978 Changes in working capital: (Increase)/decrease in trade & other receivables (1
Slide 6: Statement of financial position
5 Northcoders Group PLC 2025 Interim Results Statement of financial position 30 June 2025 30 June 2024 31 December 2024 £ £ £ Non current assets 3,651,673 3,608,158 3,714,984 Current assets 4,152,816 3,535,923 3,271,528 Total assets 7,804,489 7,144,081 6,986,512 Current liabilities 1,276,115 1,661,6
Slide 7: Business Overview
6 Northcoders Group PLC 2025 Interim Results Business Overview
Slide 8: Strategic Refocus
7 Northcoders Group PLC 2025 Interim Results Strategic Refocus • Taking Control of Revenue - Focusing on predictable, cash-generative revenues vs unpredictable government funding and b2c income • Bootcamp delivery is no longer the core focus, but is strategically positioned to provide Counter a cons
Slide 9: Counter - Momentum & Pipeline
8 Northcoders Group PLC 2025 Interim Results Counter - Momentum & Pipeline • Current client contracts extended and renewed • SaaS sector entry with new £500k client win • Healthy pipeline of private sector and public sector engagements • Strong support and case studies by enterprise clients • Engage
Slide 10: Northcoders Group Business Model
9 Northcoders Group PLC 2025 Interim Results Northcoders Group Business Model Strategic Refocus Integrated ecosystem: Training, Tech Returners and string Alumni Attraction Training network directly powering Counter’s Pool Bootcamps proposition. Consultancy-led model: Revenue growth driven by client
Slide 11: Your Partners for progress
10 Northcoders Group PLC 2025 Interim Results Your Partners for progress
Slide 12: Counter's USPs
11 Northcoders Group PLC 2025 Interim Results Counter’s USPs Highest performing Fast Northcoders & Tech implementation Returners graduates (6-8 weeks) On-Shore solution Subject Matter experts Near-Shore pricing No “hand-holding” required by client
Slide 13: COUNTER's Strategy
12 Northcoders Group PLC 2025 Interim Results COUNTER’s Strategy Grow presence through Build a compelling brand in sales teams equipped with the North with well-known a compelling go-to clients -market strategy Large (£5-10m) contracts Build national and with strategic partners via international net
Slide 14: Organisations we've worked with
13 Northcoders Group PLC 2025 Interim Results Organisations we’ve worked with "Counter's skills, experience, collaborative approach and the time they dedicate to truly understanding our culture make them an ideal fit for Skipton.” June Powell, Engineering Enablement Lead Skipton Building Society
Slide 15: Carving opportunities through large UK procurement frameworks
14 Northcoders Group PLC 2025 Interim Results COUNTER CREDS DECK Carving opportunities through large UK procurement frameworks LVP Framework Cloud Compute 18
Slide 16: Competitive Landscape
15 Northcoders Group PLC 2025 Interim Results Competitive Landscape Counter Differentiation & Market Alternatives Competitive edge Large consultancies: We are “counter-deployment” : Expensive, rigid structures and lacking flexibility. Clients involved in selection with no “bench” or anonymous deploy
Slide 17: Outlook
16 Northcoders Group PLC 2025 Interim Results Outlook northcodersgroup.com northcodersgroup.com
Slide 18: Summary & Outlook
17 Northcoders Group PLC 2025 Interim Results Summary & Outlook • Counter® secures new £500,000 contract with leading provider of business management software • The Group continues to carefully monitor overheads to align with Group revenue and take swift action in response to the unpredictable UK tr
Slide 19: Any Questions?
18 Northcoders Group PLC 2025 Interim Results Thank You. Any Questions?
Slide 20: Disclaimer
19 Northcoders Group Northcoders PLC AIM IPO Proposed 2025 Interim Results Disclaimer Disclaimer This content of information contained in these slides and the accompanying presentation comprises an institutional presentation (the Presentation) which has been prepared by and is the sole responsibilit