Ann: Half Yearly Report and Accounts, page-8

The results are more than satisfactory but I am not sure they would have received the same reaction sans the 25c special dividend. This is nonsensical of course. A bank account with $100 doesn't become worth $110 because you are going to make a withdrawal soon, and it doesn't become yet more valuable because you are making an additional unexpected withdrawal.

I am increasingly excited about the US division though. It is notoriously difficult trying to replicate an Australian business overseas (ask Bunnings). My impression is that Wellcom has done it differently by purchasing an existing successful business and NOT changing it, but instead learning from it. This non-colonial attitude has served it well in overcoming cultural gaps that have lead to the graveyard for so many. I would expect the US to be a real focus for organic and acquisition growth for the group in the future.

The UK however continues to drag. I think Brexit will be having an effect now and will make for a difficult few years ahead. But this doesn't explain the historical performance. I wont be looking for the UK as a growth driver for future performance.