Julian Turner, chief executive of specialist publisher Electric Word, is in a buoyant mood. His company, which specialises in the supply of subscription publications to the health, education and local government sector, is inching ever closer towards profitability. Sales in the year to November leapt 22% to £3m, operating cashflow was positive at £121,000, and, if you exclude new product development costs and other exceptional charges, a pre-tax profit of £93,991 was recorded. Add these back in and the pre-tax loss came to £418,000 - below market expectations. Turner himself has taken a lot of pleasure from the fact that seven new products were launched during year and that Electric's attendant conference business now accounts for 22% of revenues. Equally important though is the fact that income from subscription accounted for 75% of revenues. Deferred revenues are currently running at £2.2m. At the back end of 2003 Electric snapped-up PFP Publishing, a supplier of nine different advice and management guides products to those running schools, for £1.1m, thus strengthening its education division. According to Turner, all the sectors the company operates in are looking positive and he expects to launch at least two new titles this year. He is also hopeful that Electric Word will be able to hit break-even by the end of the year. Seymour Pierce have the group posting a profit of £20,000 in 2004 on revenues improved 50% to £4.6m. The shares have doubled from our 4.5p recommendation price in late 2002. They are not to be sold.