Small business space provider Bizspace increased pre-tax profits by an impressive 148% to £568,000 in the first half to August. The company operates 15 sites servicing a large range of businesses in urban locations around the country. Purchases in the previous financial year were responsible for beefing up turnover by 51% to £2.2m (the increased margin being due to economies of scale). Finance director Paul Davis 'hopes' the group will be able to double its portfolio within 2 years, with all the properties to be managed within the existing infrastructure. Basically, the company buys in properties that are already let to tenants and tries to keep hold of them by acting as 'a caring operator rather than a capitalist landlord', while bringing in 'proactive management' to attract new occupants. Its occupancy rate is about 80%. At the half-year-end NAV was 25p per share, including £2.1m of cash. But a revaluation is likely to result it rising to 30p or above at year-end. Analyst Anne McMahon of house broker Seymour Pierce predicts full-year pre-tax profits will be just shy of £1.1m, with EPS up from 1.1p to 2p. With a prospective p/e well below that of sector leader Workspace - a discount to NAV that could be well over 25% - the shares offer excellent value.