Our opinion on the current state of NCS

Nictus (NCS) is a furniture and electrical appliance retailer with three stores in South Africa. It also sells short-term insurance through Corporate Guarantee. In its financials for the year to 31st March 2023 the company reported revenue up 4,14% and headline earnings per share (HEPS) up 65,62%. The group's total assets increased by 22,59% to R870,4m. In a trading statement for the six months to 30th September 2023 the company estimated that HEPS would be between 6,86c and 7,02c compared with a loss of 0,82c in the previous period. The enduring problem with this company is that its shares are far too thinly traded to be practical for private investors.