The route structure and fleet size doesn't just need trimming it needs slashing.
Steps need to be taken for sure, but if you "slash" you could endanger the "bread and butter" for Flybe, which is UK/close Europe high-frequency regional connections.
You do have to think, though, that if they can't make money in the current economic climate, they are never going to, which is shame, as the product (when I use it, mainly out of SOU) is pretty good.