Large space under text above HR in conky

I have this simple .conkyrc config:

own_window yes
own_window_type conky
own_window_argb_visual yes
own_window_argb_value 255
own_window_transparent yes
own_window_hints undecorated,below,sticky,skip_taskbar,skip_pager

double_buffer yes

use_xft yes
xftfont Sans Regular:size=70

update_interval 1

alignment middle_middle

TEXT
${alignc}Test
${hr 2}

which renders this.

There is a large amount of space between the large text and the horizontal rule. No where in the conky config can I see how this is being introduced, so how can it be removed?