Northcoders Group PLC - Manchester-based software coding training provider - Says it is ‘confident in the long term funding outlook’ but notes delays in recent months. In April, Northcoders said government funding would move to a fully regional model. By now, it expected ‘many of the regional authorities would have made funding awards’. However, it says Thursday that some ‘regional authorities have yet to issue tenders or confirm exact future funding allocations’. ‘We continue to receive updates suggesting delays, rather than cancellations,’ it adds. As such, expects revenue and profitability ‘to be unpredictable for the remainder of the current year and we are therefore unable, with confidence, to support current market expectations’.

In response, takes costs cutting measures which include a £3.3 million reduction in annualised fixed costs, representing a 40% decrease on 2024’s reported cost base. ‘Cost reductions have been strategically planned to reduce risk while still allowing for continued investment into core areas of long-term growth and help, where possible, to protect gross margins,’ Northcoders says. With current cash balance of £2.25 million, remains confident in maintaining its positive position. Says £10 million contract with the Department for Education ‘continues to provide a solid foundation for the Group and helps offset some of the near-term headwinds, generating cash for many months ahead’ Says B2B Counter consultancy division ‘continues to make positive progress’.

Current share price: 38.00, sank 24% in London on Thursday

12-month change: down 86%

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