CODE

Northcoders Group PLC

Technology First-pass screen £2.16m

400/1000 Overall fit

AI beneficiary 35% 50

Operating leverage 25% 35

Valuation 25% 30

Downside protection 15% 40

First-pass take

Training-to-consultancy pivot with nascent AI bootcamp (launched June 2025, three cohorts graduated) capturing employer talent-demand tailwinds; Counter® B2B consultancy grew 77% YoY but parent remains loss-making (negative £0.6m EBITDA); policy shock (regional funding shift) and £1.5m asset impairment are material headwinds; £0.4m net cash offsets high customer concentration (top 3 = 80% of revenue).

Flags

loss-makinggovernment-dependentasset-impairmentcustomer-concentrationno-valuation-datamicro-capearly-stage-ai