Liverpool's current throughput of around 4 million ppa is still a healthy total to work with in comparison to many other airports. Several UK airports dream of achieving such heights. Whilst a drop in throughput is perceived as disappointing, it is important to recall that LPL grew very rapidly from 250K to over 5 million ppa, so even a pullback to 4m ppa doesn't necessarily leave the business in a hopeless place. Of course, it is up to the management to monetise that passenger throughput, as we presume that the no-frills carrier customer base is not contributing significantly to the bottom line via direct fees. We must also factor in that cargo used to be a big deal at LPL and that sector now scarcely registers. GA still appears healthy.
The resolution to financial losses will most likely come in the form of cost savings and (sadly) job reductions. This would be a painful process, but an airport business enjoying 4m ppa throughput should not be under significant threat provided that costs can be reduced to more closely match income. Remember that many European airports are holding their own with a fraction of LPL's traffic levels.
Liverpool still has a decent catchment area to call its own even without significant contribution from Manchester. LPL management were surely aware that their MAN counterparts would eventually get their act together on no-frills carriers and reclaim many of the customers leaking from their own immediate catchment area. MAN's no-frills sector ineptitude / complacency gave LPL an artificial leg-up for several years. Now that MAG is finally competing robustly for this business, some reversal of LPL's fortunes was inevitable. But a rapid expansion from 250K to 4m ppa still leaves LPL a healthy legacy to build on despite the brief flirtation with even higher numbers. The existing flight programme is the bread and butter of the business; this is what really matters. New services are a bonus and there will always be times when the going is tough.