<strong>ANDREW FITCHIE COLLINS STEWART<br /></strong>Operators have demonstrated the flexibility of their businesses to withstand demand <br />pressures. On balance we remain lukewarm on the sector, given the likely impact of increasing unemployment over the next year and the constraints tax rises will put on discretionary spend. <br /><br /><strong>SAM HART CHARLESSTANLEY<br /></strong>Outlook comments will be closely analysed. Booking patterns for winter 2009/10 are <br />expected to run later than prior years, reflecting the uncertain economic environment. Booking patterns for summer 2010 are expected to be similar, although it is early in the booking cycle.<br /><strong><br />MATTHEW GERARD INVESTEC</strong><br />Shares in TUI Travel and Thomas Cook do not adequately reflect their healthy trading prospects for 2010. We think demand conditions are improving, but also that it remains early enough in the season to cut capacity again and more concessions can be extracted from suppliers.