Additional information

Overview of FY24/25 The year ended September 2025 was a year of significant progress for the business and one where we focused heavily on putting the right foundations in place for future growth. During the year, we made substantial investment into the factory, systems, people and machinery. A key focus for us was improving visibility and control across the business, particularly around costing and margins. Through these investments we now have much clearer oversight of profitability across our builds, which has allowed us to make better decisions, improve efficiencies and ultimately improve margins compared to the prior year. Importantly, we have achieved this whilst continuing to grow our presence in the market and maintaining the quality standards that the business has become known for. Quality remains at the centre of everything we do and we believe this continued focus has helped maintain our reputation as one of the highest quality lodge manufacturers in the sector. Operational Progress That momentum has continued into the current financial year. We are currently on track to increase manufacturing capacity by approximately 50% compared to FY24/25, supported by continued investment into the factory and our people. We have continued to improve margins through refining our build methods and investing further into machinery, allowing us to bring more elements of the build process in-house. This not only improves efficiency and margins but also gives us greater control over quality. Alongside this, we remain focused on ensuring the business scales in a controlled way whilst maintaining the premium quality standards that underpin the brand and our reputation within the market. Brand & Market Position More recently, we completed the Ideal Home Show in London which gave the business significant exposure and further strengthened our confidence in both our product and brand positioning. The feedback received at the show was extremely positive, with many visitors commenting that our lodges were amongst the best products on display. It reinforced our view that there is strong demand in the market for high-quality, design-led lodges and that the investments we have made into product quality continue to set us apart. Current Trading & Outlook Looking ahead, we remain focused on continuing our current trajectory. Our priorities are to continue strengthening the brand and reputation of the business, further improve margins, and continue increasing output in a controlled and sustainable way. We are encouraged by a strong sales pipeline, increasing repeat orders from customers we have built strong relationships with, and a growing number of referrals from customers who have placed lodges on their own land. We believe the business is well positioned for continued growth and are excited about the opportunities ahead as we continue to build on the foundations put in place over the last 18 months. Our focus remains on building towards fully utilising capacity within the current factory by the end of 2027, whilst maintaining the quality and customer experience that have helped define the business to date. FY24/25 Key Highlights Significant investment into factory, systems, people and machinery Improved visibility and control over costing and gross margins Margin improvements compared to the prior year Maintained reputation for premium quality whilst growing market presence Strong progress made towards increased manufacturing capacity Continued investment in machinery to improve efficiency and bring more manufacturing in-house Successful exhibition at the Ideal Home Show, London Strong sales pipeline supported by repeat customers and referrals Positioned for continued growth with a target of fully utilising current factory capacity by the end of 2027 The Directors remain confident in the Company’s direction of travel and believe the foundations are now in place to support scalable and profitable growth over the coming years whilst maintaining the quality standards that the business has become known for.

This report was approved by the board of directors on 15 May 2026
and signed on behalf of the board by:

Name: Max Roy Froggatt
Status: Director