But sales are flat...

Okay, so the closing party was "awesome", "best I've ever seen", "worth the trip" - in fact, yet to hear a single negative comment about the entire evening.

The local authorities and tourist board clearly pulled out the stops for an incredible show, featuring dancing, music and a spectacular fireworks display. [See a few pictures taken on a camera phone]

The travel industry can be guilty of hyperbole on occasions, but most delegates agree that there have been very few gala events as impressive as last night.

However, superb nights are often followed by sore heads and moments of reflection.

The content during the conference sessions was very good this year, particularly on the first morning, many delegates say.

In fact, almost all the presentations were upbeat, motivational, inspiring (especially from Liz Jackson). Debates about some of the important issues, however, have been restricted to conversations away from the conference hall.

Indeed, the reality for many travel companies in 2007 is this: sales are flat, again.

One delegate said last night that the dip last year blamed on the World Cup in Germany was not a dip - it was a trend.

Lead-in times are much shorter for many package holidays, for example, (down from six months in previous years to sometimes just a few weeks), making it a nightmare for operators to forecast and put the revenue on the bottom line, months ahead of the actual trip.

There are real problems with some areas - the Canary Islands, ironically, in particular. ["Why fly almost five hours from the North of England to Tenerife when you can reach the Caribbean in seven for a few extra hundred quid."]

So despite a superb conference, many are worried - very worried - about the market.

"We will certainly lose a few operators this year," another delegate said last night.

Interestingly the threat to the market is no longer being blamed on the online companies. Everyone is in it together...

Kevin May, editor, Travolution