Northcoders’ H1 trading update shows improved profit margins and maintenance of a strong balance sheet despite a challenging operating environment in both the funding for its courses and the UK labour market in general. The Group has taken decisive action to reduce costs, increase diversification and protect the balance sheet, as discussed in our 10 July note. Zeus forecasts remain suspended and we hope to reintroduce estimates at some point after the interim results in September. We continue t ....
