Ann: Half Year Accounts, page-6

The consistencies of financial results probably give a false impression that this is an easy business to run. However, if you look at how the product of the company has changed over a decade you can get an understanding of how innovative the business needs to be. I suspect that the same distance into the future it will look completely different again. I think these guys are simply good business people and I'm happy to have been able to be a partner for so long.

Whilst the revenue trends in the 3 major segments are growing on a consistent basis, profits particularly in the US and UK are persistently erratic. Unfortunately there is little in the accounts to give clarity to the inconsistencies and the commentary is typically austere. That said, this is the company I worry least about, management quality and gearing levels put the company in a high safety category for me. 

Without doing the math, one of my data providers shows an annual shareholder return of over 18% over the last 10 years. Not one person has ever tipped Wellcom to me so i guess that shows the value of doing your own research.