Sportingbet announces redundancies, beginning with its COO

As part of the restructuring, the company has decided that there is no longer a need for a Chief Operating Officer, and those responsibilities have been transferred to the remaining senior executives. Hobday has also resigned from the company's board of directors with immediate effect.

Sportingbet sweetened the news by adding that next month it plans to report operating profits of at least US$ 13.6 million for the third quarter ended April 30th 2008, a potential 133% increase on last year. That would amount to a nine month total operating profit of US$ 36.5 million.

Its CEO Andrew McIver said: "Quarter three was another strong performance for the Group and once again shows the tremendous headway the business has made since our complete withdrawal from the US in October 2006 and the subsequent year of intensive restructuring and refocus.

"The current consideration of staffing requirements within the Group’s head office function marks the last part of our restructuring proposals. Once this exercise and consultation is complete, we envisage having an appropriately structured organization to take the business forward. The Board and I would like to take this opportunity to thank Dave for his hard work and dedication that have helped us get to where we are today and wish him well for the future.

"Current trading is good and the Board remains confident of meeting expectations for the full year and beyond," he added.