Geof Collyer, analyst at Deutsche Bank

When I look back to what we thought would happen to the pubs, back in 2004, the sector has actually performed much better than at first envisaged in terms of profitability.

We always thought that the range of experiences would be significantly diverse, with a lot of real pain being felt unevenly across the sector's operators, and see no reason to change that view now.

In principle, I was against the ban — erosion of civil liberties, health fascism and all that, plus the fact that we have been moving towards less smoky pubs for over a decade — but it is much nicer going to the pub now than before. I must have saved a fortune on dry cleaning bills — all of which I have reinvested, doing my bit for the sector's like-for-likes. But I was never a smoker, so my habits haven't had to change — and this is the nub.

Most countries that have introduced the ban haven't had to contend with significant cost-price inflation, a declining economy and a Government keen to stick the knife in again with above-average excise duty increases just when coming out the other side, so have generally returned to their long-term growth tacks after about nine months to a year.

In Scotland, the market seems to have performed like it always does in times of tough trading — the more entrepreneurial and those with capital to invest have done better than the average.

For England and Wales, where food, families and females have been a driving force for the sector for well over a decade, I thought the pace of growth after 1 July would be slightly slower than in Scotland, but still expect the ban to have a beneficial impact eventually.

Pub food is a good value low ticket growth area of consumer spending, but unlike restaurants, which have always been able to attract all of the adult population, pubs have been handicapped because of the smoke. Now they can compete on a level playing field. On top of that, people can only sit sadly at home without their mates and drinking out of a can for so long — but they only seem to return to the good pubs.