The fact of the matter is, there isn't enough business travellers in South Wales to justify running these services, they don't make money year in and year out, so the intrepid airlines retire wounded. History repeated for 20 and more years. If Flybe and Baby can't do it no-one can, unless something changes to make the figures add up. Cancel APD in Wales or subsidise the whole thing from central taxation. Neither are going to happen anytime soon, so someone else, maybe Loganair, who knows, will have another go and then retire wounded again. Running a profitable airline is a case of pile it high and sell it cheap or limit the volume and sell to an up market clientele. CWL can't supply either volume or high net worth pax.
Its a shame, but this place will stumble on for years busy in the summer, dead in winter, eventually kept going by taxpayer money when the current business plan goes belly up.
The only way out IMHO is to do away with APD to make CWL attractive on a cost basis alone.
BTW J31?????? are you mad? I get paid to fly on a j31 in another part of the world, they only just about pay me enough to tolerate it.