Northcoders Group PLC (AIM:CODE), which trains aspiring coders, saw its stock plummet 38% in the early exchanges after it sounded the earnings alarm.
Specifically, the group said workforce reductions and recruitment freezes had led to many corporate clients deferring business in the face of the current malaise in the tech sector.
“In particular, one client is undergoing a substantial business reorganisation leading to a division closure,” investors were told.
The news, which accompanied what on the face of it was a solid set of interims, sent the stock tumbling 74p to 118p.