City Comment: Hamish Champ

It's that time of the year again. What time is that then? As in, the summer's pretty much over and we can all start thinking about settling down beside a roaring fire in a cosy country pub, pint in hand, Blackberry turned to the 'off' position?

Not quite. No, the results season is upon us. The revelation of how a year's worth of trading has fared is always an interesting moment, with pubcos and brewers alike putting either a shine on things in the harsh light of a difficult environment or offering evidence that the strategy they have pursued over the previous 12 months has worked proverbial wonders.

Actually there are very few surprises anymore, since most corporations give a fairly strong hint as to the contents of their results presentations in pre-close trading statements, doled out weeks before the Big News.

Five'll get you 10 there will be markedly differing expressions on the faces of various head honchos in the coming weeks. Life has been tough and while some of the key high street operators are privately held, barometers like JD Wetherspoon, whose results are due this Thursday, will be closely watched to see where the peaks and troughs have occurred.

Like I said, an interesting time.

Times are interesting for this magazine too, as you will hopefully have deduced by now. Smaller but nonetheless perfectly formed, the City & Business pages will endeavour to bring you more in-depth news and analysis than ever on the companies and individuals that make up the licensed trade in the UK.

This week, in the first of a number of profiles with leading industry figures, Punch Taverns' chief executive Giles Thorley (see pages 24 and 25) reveals that as well as there being a lot more to do at the company in today's tough trading environment, as a kid he aspired to be a Jedi Knight when he left school. You couldn't make it up...