Ann: 2016 Half Year Report and Accounts, page-5

Yes, they derive their revenue from state funding contracts (one in each state) and from 'fee for service' revenue from clients, and I think the mix is about 50/50 as between state funding and 'fee for service'. They do not have a VET Fee Help contract, and do not use brokers, so there is no risk on that front. The state funding contracts typically run for 1-3 years and provide for the payment of $$ for various courses. For example, for delivering an Apprenticeship in Engineering or Printing they will receive more than for a Traineeship in Transport & Logisitics, Competitive Systems or Frontline Management. Each state contract has different payment rates and conditions of payment. Hope this helps.