Northcoders (#CODE) – “anticipates reporting a statutory loss for FY2025”, expects improvement but still government-funded skills programmes uncertainty

Northcoders – having been relying on a publicly-funded projects transition, Quelle Surprise…

Most recently writing on group describing itself as “a market leader in technology training in the UK” Northcoders (CODE), in April with the shares down to 62p I noted it stating it “confident in meeting current market expectations” but questioned how confident it could really be of that with a move to regional funding awards in process and concluded still bargepole/sell. The shares most recently closed at 50p and today a “Government Funding and Trading Update”… and what of the shares currently in response a further 23% lower?

Northcoders (#CODE) – “until greater clarity emerges, we cannot accurately predict the timing of income from Government-backed contracts”

Northcoders – after stating just a few days ago “FY25 has started promisingly”, what about now its “Department for Education contract will not be extended”?

Most recently writing on Northcoders Group (CODE), early this month with the shares at 119.5p I concluded ‘with its latest ramptastic, at least ahead of its 23rd April-scheduled results detail for 2024, still avoid’. The shares commenced the most recent week at 118p but are now 62p, a £5 million market capitalisation, so what’s going on?

Northcoders – “New Consultancy contract wins”, but how’s current trading?

Describing itself as “a market leader in technology training in the UK”, Northcoders Group (CODE) “is pleased to announce… new contracts with Skipton Building Society, one of the leading UK-based mutual financial services groups, and Manchester Airports Group”. How ‘pleasing’ are these, with the shares moving a bit higher in response to 119.5p but that down from above 150p just over a month ago?

Northcoders – emphasises “next stage of growth” moves, but how’s current trading?

Most recently writing on group describing itself as “a market leader in technology training in the UK” Northcoders (CODE), in January I reviewed why, despite a trading update it stated it was “pleased to provide”, the shares had continued to slump since last summer. They were then around 160p and have today responded up on a “Refinancing Agreement and New AI Course Launch” announcement, but what of the increase only meaning the share price is now at 120p?

Northcoders – trading update it states it is “pleased to provide”, so why have the shares continued to slump since last summer then?

Describing itself as “a market leader in technology training in the UK”, Northcoders Group (CODE) states that it is “pleased to provide” a trading update. However, with the shares still down from approaching 300p last summer to around 160p, how ‘pleasing’ really is the update?

Northcoders – from “trading comfortably in line with management expectations” to now expects to be “significantly below” in 8 weeks!

First half of the 2023 calendar year results from software coding training programmes in the UK group Northcoders (CODE) are headlined “Group continues to grow despite challenging macro environment with record demand for consumer training bootcamps”. So what of a currently more than 30% lower share price in response to 130p?

Northcoders – “pleased to announce” placing for “growth strategy”?

Provider of training programmes for software coding Northcoders Group (CODE) states that it “is pleased to announce that… the company has raised approximately £2.1 million (before expenses). Pursuant to the placing, 694,444 new ordinary shares have been conditionally placed at a placing price of 300 pence per share”. How ‘pleasing’ is this?

Northcoders (#CODE) – proposed £2.1m placing at 300p per share

Northcoders (#CODE) – Chair Sandy Lindsay ‘retires from the board’, succeeded by Angela Williams

Northcoders (#CODE) – “trading comfortably in line with management expectations”