Insider says travel companies must adapt or collapse

Richard Carrick, CEO of the U.K.'s Hoseasons, a self-catering holiday firm, said at the annual Abta convention, that travel companies need to adapt to the changing landscape or risk going under. "Every day an announcement comes from one of the major overseas operators saying that '2009 hasn't been a bad year' and that things are 'going to return to normal in 2010.' And frankly much of this is at best naive and, at worst, self-serving and unsubstantiated," he said. "Some of these companies may have been able to get by in 2009 by heavy cost and capacity reduction to compensate for margin erosion from discounted late bookings, but to suggest therefore that 2010 will see a recovery in demand smacks of blind optimism."

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