HABODEL SFR 1 LTDActive

The directors present their strategic report for the year ended 30 April 2023. Operating review The year ended April 2023 has been a year of transition following the past few years of significant portfolio growth and scaling of the business' operations. The Group has continued to expand and develop the scope of its core operations so that it can reliably and effectively manage its principal portfolio, but at the same time ensure that its processes and procedures are well placed to cope with future investment and further scaling of its property sourcing and portfolio management operating streams. The Group has continued to invest significantly in its in-house ERP system, abode, which has developed in scope and functionality in response to the exacting requirements of the business. This continues to improve the Group's operation and management functions. In the year the Group rationalised its resource base and overhead levels in response to external macro factors and the expected timeline of future investment. The group has also made good progress, and continues to do so, in its debt restructuring by consolidating the level of high-cost debt by building on core relationships with its preferred lending partners. The underlying performance of the existing portfolio has considerably improved as its assets become stabilised post-acquisition & integration and are now generating consistent contributions. As part of this stabilisation process, the Group has continued to invest in the

As described in the company's latest filed accounts.