HOWARTH CONTRACTORS LIMITEDActive

The Directors present their strategic report and business review for the year ended 31 December 2025. This report outlines the principal activities of the Company, reviews the operational and financial performance achieved during the year, highlights the principal risks and uncertainties facing the business together with the measures adopted to manage them, and explains how the Directors have regard to key stakeholders in promoting the long-term success of the Company. Principal activities The principal activity of the Company is the sourcing of residential-led development opportunities, securing detailed planning consent, and delivering high-quality homes for Registered Providers, Local Authorities and Build-to-Rent operators. Development sites are generally secured through conditional contracts, with management typically seeking to enter into a conditional agreement with the end client prior to obtaining planning consent. This disciplined approach limits the Company's exposure to open market risk and supports a capital-efficient operating model. Business review The Government continues to maintain its ambition to deliver 1.5 million new homes during the current Parliament. However, despite the introduction of planning reforms and amendments to the National Planning Policy Framework ("NPPF"), the Directors believe that achieving this target by July 2029 remains very challenging. The revised planning framework has nevertheless delivered some positive outcomes, particularly in

As described in the company's latest filed accounts.