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LONDON (ShareCast) - Online gaming group Sportingbet expects operating profit in the three months to April 30 to more than double, but still announced another round of job cuts.

Chief operating officer Dave Hobday is one of the casualties. He has resigned from the board with immediate effect and will not be replaced. Other board members are taking on his duties.

Third quarter results, to be released on June 4, will report operating profit of “not less than” £7m, Sportingbet said, compared with £3m a year ago. Operating profit for the nine months year to date is £18.7m (2007: £6.4m from continuing operations).

“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,” chief executive Andrew McIver said.

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

A US ban on online gambling in 2006 effectively wiped out 75% of Sportingbet’s business.

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