Well, regrettably that logic does not work everywhere. If you have a 100seater, you need to fill a certain percentage of those seats and even cheaper tickets must be met by sufficient demand for those cheaper tickets unless you can pull a Ryanair and sell tickets for a fiver. Realistically, Waterford is a 50 seater market at best.
Problem is VLM quiet quickly increases fares significantly soon after the service started and the cheap fares became almost non existent and you could easily pay up to 400-500 for a Fri in, Sun out. It was never going to last long term as only foolish people would pay such fares.
For 2-3 people doing a trip could are talking 600-1000 minimum for a flight to London......