Profits warnings, price wars, share collapses. Ah, it's coming up to Christmas

Though not the first from the group this year, was last week's profit warning from Regent Inns the first thunderclap of a storm which threatens to wreak havoc across the industry? Or merely some realism from a group bedevilled by negative factors specific to its market?

Whatever one's take on Regent's announcement, shares in listed pubcos and brewers subsequently headed south faster than a swallow desperate to flee winter. The sector's woes were also fuelled by fears of an impending price war in the pub food market.

Looking ahead, 'caution' was the watchword from those operators reporting numbers last week. Greene King, Marston's and Mitchells & Butlers revealed decent enough figures in what's been a tough year, but warned that for all the 'usual' reasons tough times loomed.

Given the desire to underpin their respective share prices with good news - executive share option schemes, anybody? - one can forgive a certain amount of… circumspection from such groups. That said, I thought the market's reaction to Greene King's results - an 8.5 per cent slide in its share price - was overdone.

Shares bounced back the following day, providing many with a good buying opportunity, but the jitters will remain in place for some time.

Meanwhile, as we head into winter I expect the mantra that 'good pubs will survive' to get louder. One hopes this isn't just whistling in the dark? After all, there are many good licensees who fear for their commercial future.

Greene King's emphasis on 'tenant partnership' is therefore a welcome acknowledgment that support will be made available in the bumpy times ahead. It is to be hoped that others are similarly supportive of pubs that need help. Otherwise, come next February, those operators who left their licensees to their own devices might find themselves swamped by Jiffy envelopes jangling with the keys of pubs that succumbed during the winter.

Given the highly geared nature of many a pubco, this would be a most unwelcome development, never mind a disaster for licensees…