Tour operator Holidaybreak yesterday warned annual profits would be ''materially'' below expectations after conditions at its camping division remained overcast. The shares slumped 105p to 498p as Holidaybreak detailed the impact of changing trends in the sector, including customers who take more frequent, shorter holidays. The Northwich, Cheshire-based group, which provides camping holidays through its Eurocamp and Keycamp brands, said it had started a thorough review of the division. It said the shortfall in camping sales had offset considerable progress at its hotel and adventure divisions. Analysts reduced their forecasts for full-year pre-tax profits by 14% to around (pounds) 28m.