I wouldn't say that at all. They have seen opportunities to develop non bucket-and-spade destinations from BHX such as Lisbon, Oporto, Stockholm, Valencia and Zagreb and if what we hear is true they are proving pretty successful. Certainly the traditional Spanish destinations are saturated, even the Spanish are railing against the quantity (and probably quality) of tourists they are being flooded with.
If I were Monarch I'd be looking at developing destinations like Burgas and Varna in the B+S field, and look towards routes like Ljubljana, Ohrid, Belgrade, Helsinki, on initially low frequency, aimed at the short break market. Destinations away from Euroland are likely to do particularly well, but also because of the low value of sterling, major UK cities like Birmingham and Leeds, with good shopping opportunities, plus culture and history on their doorsteps ought to thrive from some of the bigger population centres in Europe.
There's a lot more to Europe than the traditional "Costas" and serving the British tourist.