The firm attributes the rise to London’s recovery and the effect of this on SMEs
Workspace Group, the company behind regeneration projects such as the Wandsworth Business Village, has announced an increase in pre-tax profit of more than 100%.
The company has posted its financial results for the year ending 31 March 2011, with an increase of profit before tax of £27m from £26m to £53m, net cash up 45% to £16.1m and overall occupancy up 2.2% to 84.1% for the year.
The firm, which is not a developer but provides London commercial space for SMEs, saw the value of its portfolio grow by 4.7% (£32m).
Chief executive Harry Platt said: “London is recovering well and our customers, SMEs across London, are contributing to this.
“As we improve occupancy we are seeing evidence of being able to increase rents,” he added.