The firm attributes the rise to London鈥檚 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 拢27m from 拢26m to 拢53m, net cash up 45% to 拢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% (拢32m).

Chief executive Harry Platt said: 鈥淟ondon is recovering well and our customers, SMEs across London, are contributing to this.

鈥淎s we improve occupancy we are seeing evidence of being able to increase rents,鈥� he added.