In Asia, sales are expected to be down by about 6% compared with the same period last year.

The company said that increasingly difficult trading conditions in the region had "deteriorated further and are currently severely challenging".

Onity, the firm's US-based hotel locks business, is currently making a loss.

Sales are expected to be down by about 16% for the first four months of the year.

The company said the US hotels market had been hit because fewer people were travelling at the moment.

Shares fall

A week ago Chubb said it had been approached by a bidder, reported to be the US industrial conglomerate United Technologies Corp.

Chubb's shares jumped by almost 30% when it announced a takeover was on the cards, before settling back to close at 82 pence before the Easter break.

Shortly after the markets opened on Tuesday, shares fell to 76p.

Chubb listed on the stock market at 255p but hit a low of 49.75p in March over growth concerns.