Small business workspace provider Bizspace delivered the goods in the year to February and is now trading at a year high. An asset revaluation resulted in NAV being raised from £11.4m to £16.3m, or 43p per share. Meanwhile, pre-tax profits surged from £660,000 to £1.3m on turnover raised to £4.7m from £3m. This was slightly ahead of expectations, though the board has again decided not to pay a dividend, preserving its cash for further additions to its current 19-strong portfolio of business centres. At current occupancy levels, these centres (most of which are based around London and the South-East) had an aggregate annualised rent roll of £5.7m and although current economic conditions make it rather unlikely that this will be maintained, the flexible and cheap work space that Bizspace offers is unlikely to experience big declines in demand unless things get very, very bad. On a 33% discount to net asset value, the shares still look undervalued. But investors that came in nearer to the 17.5p low in March should consider banking some profits. Gearing is high at more than 100%, and the shares have had a very good run of late. House broker Seymour Pierce retains its 'strong buy' recommendation, expecting £1.8m in pre-tax profits this year and 3.3p of EPS.