The airline blames a lack of business pax.
So what did they originally schedule, 1*per day to Exeter, Glasgow and Edinburgh, with all having departures in the mid afternoon. Not surprising that they did not get the customers paying the fares they wanted then.
They are to move into MAN with the opening up of TWO returns per day (the day after they stop flying LPL/EXT) to Exeter to 'enable business passengers a full day to do business'.
They are to reduce in January the LPL/BHD from 4*per day to 2*per day with a maximum time in Belfast for any passenger on a weekday is ONE HOUR before returning to LPL.
As for potential passenger catchment areas there is not a lot to choose between them both (5-7million for both LPL and MAN within 1 hours drive, with a max of 15million from LPL and 17million from MAN within a two hour drive - source CAA) but an airline flying from MAN has to contend with other airlines on most potential routes flybe may serve, whereas from LPL (IOM apart) they have no competition.