Ann: FY22 Growth Plan Investor Presentation, page-20

I agree with some of your points here particularly re JobKeeper, the contract book obviously looks great and makes a good headline but how much they walk to the bank is what really matters at this stage of the company's lifecycle.

As a rough estimate based on the last quarterly figures where they turned ~$1.8M profit off ~$40M receipts indicates a profit of about 4.5%. Extrapolating this out to the $210M value and you get ~$9.5M profit over the term of those contracts/payments which is certainly nothing to sneeze at given good performance may see a further increase in clients etc. I've no doubt the company will leverage its workforce to improve the profit margin over these larger contracts but this is a rough guide for now.