Investors were left with a hangover after pubs firm Eldridge Pope warned tough conditions would knock profits.

The firm said first-half trading had been strong but this had not cont-inued into the third quarter.

Underlying sales from April to June fell four per cent, with food and accommodation in particular hit by the World Cup, low tourist numbers and the gloomy weather.

Eldridge said: "With no indications UK overseas tourism will improve, continued poor weather and economic uncertainty, the outlook for the peak summer months is below our original expectations."

That meant profits were now forecast to be below market expectations.

Last year Eldridge, which owns the Toad brand of pubs, reported final profits of £6.1 million on turnover of £66.6 million.

House broker Investec Henderson Crosthwaite had pencilled in pre-tax profits of £7.7 million for this year but has now trimmed its forecast to £6.5 million.

The update did little to cheer investors enduring another tense session on the London market and shares in the group fell 36p to 211.5p, a drop of almost 15 per cent.

Eldridge said: "We are confident we can remain competitive in a tough trading environment and continue to enhance the consumer appeal of our core estate and our growth concepts."

The group is trimming its investment programme by £5 million while it seeks to maintain gross margins, reduce recruitment and cut overheads. A spokesman said there were no plans to cut jobs.

Eldridge has more than 180 pubs, most of which are in the south of England, including premises in Crawley, Cuckfield, Worthing, Chichester and Berwick, near Polegate