Ann: Half Yearly Report and Accounts, page-31

That's all very fair. My comments here are very uninformed, as i have not yet looked deeply into NCK. So apologies there. However, it cannot be denied that a serious housing downturn will be very challenging to even the best retailer, especially in this space.

i believe in looking down before looking up, and am in the process of assessing potential impacts on retailers due to a general severe housing downturn (not trying to actually time such). In my very preliminary assessment, it is clear that NCK is high on the list of attractive candidates.

ignoring the macro here, seems a little like ignoring a freight train.

As I become better informed, my opinion will change, but I don't know in which direction.