TripleArc, the print management play we backed at 15.5p, has had a volatile share price performance over the past year, but the stock perked up on emphatic 2004 figures to December. Adjusted pre-tax profits rocketed 301% north to £3.3m, on turnover up 134% at £48.7m and there was a £1.8m improvement in cash inflow to £3.4m. CEO Jason Cromack touts 2004 as a year of huge progress in which Access Plus, the transformational print management business bought in late 2003, was completely bedded in, and exciting contracts bagged, with the full revenues from those deals to come. TripleArc is moving away from ad hoc print supply deals towards longer term print management contracts. Last year's wins, with BAA, Virgin Retail, and BMI Healthcare amongst others, were worth £32m in aggregate. TripleArc is also preferred bidder on a deal with a 'large financial services' business. The group is becoming a provider of a 'total communications support services solution', with the huge printing sector 'the Trojan horse into blue chip clients'. The December acquisition of direct marketing fulfilment outfit Stream, which added data management and fulfilment services to the mix, was a further step in that direction. The trend towards print outsourcing is becoming more pronounced and TripleArc remains a compelling growth company. Altium Securities' Andrew Nussey forecasts profits of £5.1m off £72.4m turnover this year, giving a forward p/e of 10.5. Good value. Buy.