With the text field selected while in layout mode, go the Appearance tab and check the padding specified for the top and bottom of this layout object. Make sure both top and bottom padding is set to 0.
And you may find it easier to work with layout object sizes if you click the units shown on the position tab until they become points instead of cm or inches.
Padding ! Brilliant........I'd been looking for other terms.
Why use points; is it because you'd use a continuum?
Just seem easier to work with 22 pts instead of 0.776cm.
And I don't know if they fixed this in FM 14, but in 12 and 13, an object with a fractional point sized could appear slightly blurred in Browse mode.