Sorry I should have added all the things I've done:
- Changed the SPD
- removed the bearing, no signs of wear
- greased, refitted (guessing the torque - I only have the Park Tools ring spanner thingy)
It is weird. (and, as pointed out, damn loud)
Still some other stuff to check there, though, thanks
The bike is pretty new, just over a year, with only 2,000-ish miles on it at a guess (max 3), most (not all) fair weather Sunday riding, and the clicking has been there for quite a while now. Started some time after last year's DunRun.