City File: Spring Ram

ANGUS PHAURE of County NatWest is yet again recommending the bathroom and kitchen maker Spring Ram in terms reminiscent of the heady days of the great bull market. 'A 1992 prospective multiple of 12 and a 1993 prospective multiple of 10 are just the wrong ratings for one of the most successful companies in Europe and one of the fastest growing companies in the UK.'

Irregularities at Balterley Bathrooms, one of its subsidiaries, have been thoroughly dealt with, and 'Spring Ram's next set of results will be the most transparent, the most lucid set of figures published by any company in the UK'. Quite a claim.