  The eclipsing novalike cataclysmic variable star V348 Pup exhibits a
persistent luminosity modulation with a period 6 per cent longer than its 2.44
hour orbital-period (Porb). This has been interpreted as a `positive superhump'
resulting from a slowly precessing non-axisymmetric accretion disc
gravitationally interacting with the secondary. We find a clear modulation of
mid-eclipse times on the superhump period, which agrees well with the
predictions of a simple precessing eccentric disc model. Our modelling shows
that the disc light centre is on the far side of the disc from the donor star
when the superhump reaches maximum light. This phasing suggests a link between
superhumps in V348 Pup and late superhumps in SU UMa systems. Modelling of the
full lightcurve and maximum entropy eclipse mapping both show that the disc
emission is concentrated closer to the white dwarf at superhump maximum than at
superhump minimum. We detect additional signals consistent with the beat
periods between the implied disc precession period and both (1/2)Porb and
(1/3)Porb.
