Half of travel industry bosses anticipate a change in economic fortunes for the better in the second half of 2010, according to a survey of entrepeneurs in the UK.

The Bowmark Entrepreneurs Index showed that 50% of travel respondents believed an economic recovery would take place later this year. Some 10% were more optimistic, predicting recovery at the start of this year.

However, 30% said the upswing would not take hold until 2011, leaving a more downbeat 10% predicting 2012 onwards.

Respondents also revealed the travel sector had been one of the most resilient during the recession, with 15% reporting growth of 20% or more in the previous 12 months, 31% achieving between 11% and 20% and 23% attaining 1-10% growth.

These results compared well to the publishing, business services and manufacturing sectors, but were outperformed by the healthcare sector.

On the downside, 21% of travel directors surveyed reported flat or negative growth in the last 12 months.

In general, the index measuring how positive travel respondents were about prospects for UK entrepreneurial businesses overall edged up just 0.7 points from July 2008 to 48.2, which was well below the other sectors reviewed. 

For all sectors surveyed, the Optimism Index rose 6.4 points to 73.1 from July 2008 and despite dramatic disparities between the sectors, the majority of SME bosses were optimistic about economic recovery this year.

Bowmark Capital managing partner Charles Ind said: “The small and medium-sized companies we surveyed have been through the wars in the past 18 months, with some sectors worse affected than others by the recession.  While, historically, it can take up to three years for activity to return to pre-trough levels, the entrepreneurs in our survey are more optimistic about a faster return to growth for the economy and for their own businesses.”