Jetstream - I think you need to look outside of the big numbers.
Pax numbers might be 20% down as you say, but I very much doubt that Flybe are still operating the same volume of schedules this year that they were last year! If Flybe has cut its own schedules by 20% then their operating costs will have reduced similarly and they are in fact much better off than you may percieve.
I'm sure that Flybe, like all airlines in this country will be struggling in such economic times but you can be damn sure that Flybe will be suffering far less than most others in the UK.