Babtie wheels out 50% leap in profits

FLOTATION candidate Babtie, the consulting engineer responsible for working on the design of the London Eye, cranked up profits last year by more than 50%.

The privately-owned Scottish company, which ranks as Britain's fifth-largest consulting engineer after the likes of recent stock market darling WS Atkins, said pre-tax profits rose to £7.8m last year on turnover up 6% at £179m.

Babtie said recent work on projects such as the redevelopment of Battersea Power Station and the M6 toll road, as well as plans for a London-style giant wheel in Shanghai helped it make up for slower pace of work in the rail and defence industries.

The firm is believed to have begun preliminary marketing work in the City for a float.