City File: Eurotherm's track record

Several years ago Eurotherm, the instruments group, had a sorry track- record. Then it brought in Claes Holtman, a steely-eyed Swede with a reputation for running a lean operation. He stripped the group of its loss- making offshoots and focused on margins rather than turnover.

Phase two is about to begin, with a range of new products and a drive for organic growth of 20 per cent a year. At 593p, the shares have room to rise and should make a nice little titbit.