Agree with some of the points re Bacon - but you must remember that Flybe's market share is bound to be better than Bacon's - Flybe was one of the main competitors! NCE may work year round for somebody, but prob twice a week which must include a Sat service, maybe more in Feb as a massive trade fair in NCE.
The whole reason Bacon was created was to lower fares and grow pax volume, so assume yields would have reduced, but Bacon didnt have the benefit of ripping people off charging £6 per bag each way or whatever it is now on Flybe. £6 per pax on Bacons few million pax would have helped the loss making airline.
Also you need to remember with FRA that 70 to 80% of LH pax are connecting to the worldwide network in the same way as 80% of BA LHR traffic is connecting.