I disagree Jamie, the days it operated and the times it operated were poor. Should it have been a Monday and Friday service with either a morning or evening flight I'd imagine it would be still year-round.
It is currently a Mon/Fri service with an afternoon departure. I also think a Sun/Thur or at least one of those days was operated.. The route had long enough to justify it's existence and if it hasn't EI would be stupid to keep wasting valuable resources running it.
It could be a Cityjet opportunity if EI do drop it.