Thought I'd update the thread with the latest developments ...
As changing the Fuel Pressure Regulator didn't resolve the ticking issue, I decided to have an oil change done in case this made any difference ..
When the old oil was drained, it was quite low .. I never saw the oil light on the dash come up, but the oil pressure gauge was behaving strangely in the mornings...
Anyway, even after the oil change, the ticking noise is still there ..
So any ideas would be gratefully appreciated!