Wasn't that profit under Saad due to flogging the Gatwick slots rather than the pricing?
As useless as COW was I think Flybe was beyond saving. She did absolutely nothing to change that, but nor did anyone in the decade prior.
They were literally unable to control their fleet size, they were way too big for their ops due to the contracts they signed. So they ended up flying aircraft in the hope to try and limit losses when they needed to be parked up and the contracts ripped up.