Shares in Georgica tumbled 11% to a new low as the group, floated back in October to complete the £50m purchase of Allied Leisure, issued a profits warning. The group nevertheless insisted that it had suspected that market forecasts were too high when it launched its bid. Although the group reiterated its support for the cue sports and franchising businesses, it revealed that it wanted to pull out of the Megabowl joint venture, where poor trading prompted a profits warning back in July. Neil Goulden, the chief executive of Allied since 1994 who joined Georgica's board, subsequently resigned.