Another consideration is that they may have simply cannibalised their existing customer base in the midlands. With Monarch an established presence in BHX and LTN you do wonder how much of the passenger base attracted to EMA we're existing Monarch customers. It may not be that EMA has performed poorly per se, it just may have diluted the performance elsewhere. If so, retrenchment back to the bigger bases is a sensible strategy.
LBA may be different in the sense that Monarch were more of an unknown quantity in Yorkshire.