Ann: 2016 Half Year Report and Accounts, page-3

Spectra made a substantial contribution to AKG's earnings in the pcp (1H FY 15) but its revenues and earnings have fallen in FY 16 due to the downturn in the mining and mining services sectors. It's known to be a very high quality provider of workplace training (lots of very happy clients), has won various awards, and has contracts in every state, but its revenues and earnings are lumpy. This is because they work with major clients on huge projects and when those projects end there is sometimes a lag before the next big project kicks off. So the key to the turnaround is the timing of new contract commencements, and the degree to which fixed costs can be cut in the interim. They have a lot of experience in their executive team and have a history of winning big deals, so it's probably just a question of timing.