Specialist information publisher Electric Word, recommended at 4.5p in 2002, has acquired Fieldwork Online Training (FOT), the schools management e-learning division of Fieldwork Education, in an all-cash deal. FOT, which had sales of £305,000 last year, supports the professional development of school managers in the UK and abroad with its suite of online training courses and bespoke e-learning platform, and looks a tidy complementary addition to Electric Word’s education information products. Chief executive Julian Turner says the deal broadens the product range for cross selling, will help the company benefit from the Government’s commitment to education spending and will also boosts renewable subscription revenues (last year renewable subscriptions accounted for 72% of turnover). Back in February, Electric Word beat forecasts with full year numbers to November. Losses of £418,000 were converted to pre-tax profits of £107,000 on a 81% jump in sales to £5.5m. There was a terrific performance from the main public sector management division, as well as welcome contributions from events and books. Forecasts in the market for the current year, posted after the full year numbers, suggest pre-tax profits of £376,000 and earnings of 0.37p, placing the shares on a forward multiple of 17 times, which is decent value in the media sector. Interim figures for the six months to May are out towards the end of July. Hold.