At what point will we see a step change in profit? Below is a...

At what point will we see a step change in profit? Below is a snapshot of the last 4 years.

Profit before income tax
FY20 $2.7m
FY21 $3.9m
FY22 $2.6m
FY23 $1.8m

I understand they have invested in this period and they hope to get the rewards in future years however I have been hoping that occurs for a few years now and it hasn't eventuated.

They seem to be growing sales at a reasonable rate over the past two years however the second half growth did slow significantly in FY23. The open sales have jumped significantly again but at what point does this appear too big and customers walk away due to timing of project delivery. I really hope they dont go down a M&A path as the term did appear a number of times today. It seems like there is still so much organic growth to go after.

I think FY24 will be a big year for them to show how much money can be made, if they manage to get NPAT moving toward a range 10%-15% I can see further upside in share price however unless they can demonstrate this they are probably sitting at fair value or overvalued. DYOR