Easyjet yesterday opened up its winter flights to Funchal for bookings - ie October through to 2 March 2014. This airline's business model is that it sells seats cheap at the start but progressively more expensive the closer you get to flight dates. So if you're looking to go this winter and can get to Gatwick then it's worth having a look. There's an early morning flight and also one at lunchtime. Easyjet's other departure airports are, as before, Bristol and Lisbon.
I booked two return flights (Gatwick-Funchal) yesterday for next January for a total cost of £238.96, inc baggage and seat reservations.
The equivalent flights booked now with other airlines would have cost:
Although there is a person on this Forum who consistently refers to easyjet as "Sleazyjet", I would say again that having flown with them several times to Funchal I have never had a problem (other than the usual airport chaos at Funchal terminal, which is not necessarily Easyjet's fault).
PS: I have never worked for or had any business connection with any airline or tour operator.