In its last 15 years Flybe made a loss more than a profit. On the years that it did make a profit they were small and more than wiped out by the next losses.
Loganair appears to be the only regional carrier which has made money - I assume helped by it’s location and higher number of PSO routes and contracts. Otherwise regional aviation in the UK is not a place to make money. Flybe, Stobart, BMI regional, Air Southwest all gone.
Aurigny is forever loss making. Eastern hasn’t turned a profit for a while. I think Blue Islands is loss making too. So the question is what will Flybe 2 do differently? It isn’t going to make a profit just because it doesn’t have the old leases - don’t forget in the meantime other prices are going up.
And code sharing isn’t going to be a lifesaver. BMI codeshared with half of Heathrow and still died.