But Mr Sahota’s remedial presence has instilled a little confidence and when he released the group’s latest results this

But Mr Sahota’s remedial presence has instilled a little confidence, and when he released the group’s latest results this month the shares were around 5p. They are now 9p, a little below their post-results high.The Sahota blitz has cut United’s operating units from 18 to three. Most were sold, but the Channel contingent was put into receivership Unwanted properties went on the market. The restructuring helped cut debts from £23.5m to £11.3m.The last of the reshaping came in February, when six businesses were unloaded They did not bring in any immediate cash.

Instead United settled for 10-year loan notes and got rid of £3.5m of bank debt.With the Sahota overhaul, recent figures are academic. Reorganisation costs, including what appears to be “kitchen sink” charges, have taken their inevitable toll. Latest operating profits emerged at £3.4m against £1.2m, but at the bottom line there was a £2m loss, down from a £26.8m deficit in the previous year.What is left looks extremely interesting. Two of the three survivors are predominantly medical businesses and analyst Roger Hardman estimates the refocused United is winning 35 per cent of sales and 50 per cent of profits from medical technology. He believes profits could emerge at £300,000 this year from sales of £27m. Next year he expects profits to more than double to £700,000.Perplas, involved in artificial hip and knee technology, is the largest of the remaining businesses.

The market for artificial joints, as any sufferer is painfully aware, is growing rapidly. The Perplas share of the corner of the market in which it operates has grown from 2 per cent to 48 per cent since 1995 Hi-Tech Hose, based in the US, is the other medical company. It makes breathing apparatus for those unfortunates whose sleep problems affect their health.The other survivor is Railko, a leading maker of marine high-technology plastic bearings Its products are used by 27 of the world’s navies. Unlike its two sister companies, Railko operates in an industry offering very little, if any, growth. But it is profitable and is the group’s cash cow.Mr Sahoto has clearly made significant strides in getting old United up and running again.

Before, he was chief executive at Mackie International, the Ulster group that once claimed to be the world’s biggest maker of textile machinery. He arrived in 1997, too late to prevent the group, seen as a major beneficiary of the Ulster peace process, going into receivership.In many ways, United is an ideal candidate for the no pain, no gain portfolio. I realise it is highly speculative; its recovery is barely underway And like so many it faces pension problems. Clearly it will be in no position to offer dividends for some time. After complaining about the failure of many companies to pay dividends to their full potential I am somewhat reluctant to recruit a share not offering any return at all. But I am impressed by the Sahoto style.And if some of the heat evaporates from the shares – as I think it will in the next few months – I may well be tempted to add United to the portfolio.