Prior to the deal, Morrisons regularly reported solid growth and strong results, and no one disputes its long-term ability to integrate Safeway and take its place among the supermarket giants. And the Ofcom review will open up the market to more competition, offering richer pickings for Vanco. The shares have fallen nearly a third to end on Friday at 105.25p, leaving one of the world's pre-eminent broadcasters with a market value of just over £4bn.But while the uninspiring programmes on ITV1, and the poor audience figures, might cause worries about short-term figures, the long- term prospects look excellent. The cost cutting since the merger will help margins, and getting rid of non-core assets will make the balance sheet look healthy. However, the biggest positive comes from regulation - with ITV likely to secure further cuts in the amount it pays the government for its licences, and hints from the regulator, Ofcom, that there could be an easing in the regime that restricts how much ITV can charge advertisers. It's a case of "never mind the quality, feel the value" with ITV.VancoThere are plenty of reasons for stock pickers to avoid tele- communications.

Wholesale telecoms prices are sliding; voice over broadband is taking off, putting pressure on retail prices; and there are huge uncertainties due to Ofcom's regulatory review.But it is for these reasons that Vanco is worth a look. Valued at £145m, it offers telecoms services to companies such as Ford, Siemens and Lloyds TSB. And, unlike most telecoms firms, Vanco doesn't own any cables or telecoms masts. Instead, it leases capacity from other companies and sells it on to customers with extra services on top. So, while the likes of Cable & Wireless will continue to suffer from the slide in wholesale prices, Vanco will enjoy fatter margins.Analysts also reckon that it is well placed to take advantage of voice over broadband. A chair's first purpose is to be comfortable and then to be beautiful . ITV ITV Ignore the programmes, look at the prospects.

The City has not been a fan of ITV since it was created by the merger of Carlton Comm- unications and Granada. As Aceh has been cut off even from the rest of Indonesia by years of civil strife, the dribble of news out of the region might as well have been carried by pigeon post. I suspect that it's almost impossible for a big chain to keep its soul.Individuality is where the future is and I think we're looking for a greater level of intelligence from the hotel industry in 2005. That applies to the pillow, the fruit, the lighting and the temperature. It means using pure products and as much organic food as possible. If hotels care, discerning guests will notice it.Monochrome is definitely over For me it's all about design this year Good design is a great comfort for guests That applies to everything in the hotel.

The technology exists but this hasn't happened because what we really want from hotels is a welcome.Successful hotels will keep everything simple and exquisite I don't buy the argument that big is beautiful. I remember being told that by now we'd get off our flight and check into a hotel via our palm pilots. With its proximity to South Africa it also makes for an ideal twin-centre combination for the repeat visitor to South Africa.Oman is another destination with culture, history and climate and something different for those who may have visited the Middle East. Another side of this is the growth we are seeing in first-class travel: this is one of the fastest growing areas of our company and contributing more than 20 per cent of turnover.

Gordon Campbell Gray, hotelier and founder of Aldwych OneHotels will be about quality and individuality this year More than ever people are looking for wonderful service This is because we live in a harsher world with more stress Everything is so homogenised. It's a relief to find a shop that's individual and the same applies to a hotel But it's not about gimmicks. Brighton has seen a lot of growth with new hotels such as Hotel du Vin, and it's changed from a traditional resort to the must-do weekend break. Our coastal towns especially stand to benefit, whether it's Blackpool, Bournemouth or the whole of the south-west peninsula. Jonathan Nye, Tailormade product director, TrailfindersA country that is definitely on the up is Namibia - very accessible with self-drive options and stunning stretches of desert, vast national parks, rugged mountains and the haunting skeleton coast.