News: NVT Australia's Navitas under pressure as government threatens to cut contracts, page-8

Well, the loss of colleges that occurred 2H16 and 1H17 were estimated to be 25-30m EBITDA. Rod Jones made a comment in the recent webcast that they were 'closer to $30m'. I put it at $28m

Given this occurred over 2 financial years and underlying EBITDA has basically been flat, one can assume that there was $14m EBITDA per year earned through other avenues (organic growth in other businesses/colleges).

In total, that's about $41m (taking the mid-point of today's announcement)

Given the recent contract loss is $12-14m, then I would assume FY18 will be 'broadly inline' with FY17, and assuming no contract losses, FY19 will be another 'earnings peak' as you say.