Bizspace, the managed workspace provider, enjoyed another impressive year of growth. Both turnover and pre-tax profits rose 55% to £9.8m and £3m respectively for the year to February. Pleasingly, after a revaluation of its properties, the company's NAV per share lifted 43% to 66p. With Bizspace's current share price at 53p, the company is trading at a 20% discount, whereas competitor Workspace trades at an 11% premium to its NAV. During the year, Bizspace snapped up many new properties including 16 industrial estates and three office buildings in the North East for £28.05m. To pay for the acquisitions, it raised £8.8m net of expenses through two placings and also used debt (although gearing actualy fell from 113% to 107%). The total portfolio now stands at 61 centres, up from 28 at the same time last year. Finance director Paul Davis explained that if the group, which is very cash generative, goes back to its original strategy of acquiring six to ten centres a year it was unlikely to go back to the market to raise funds,. However, if opportunities continue to arise, further placings are possible. House broker Teather & Greenwood forecast pre-tax profits of £3.26m for 2006 and anticipates a further increase to NAV to 72.6p a share. Add for growth.