Passing up on Ryanair took a bit of courage but I think it was the right decision. They would have blown EZY away and could then walk away at a moment's notice. We've already seen flyBE screw SEN, so wouldn't like to see that happen again.
I agree that using the terror concern to explain a fall in numbers that was due to EZY removing a based airframe and Stobart and flyBE cutting routes is a load of old rowlocks.