Dukascopy has published its 2024 Annual results, revealing a significant rebound in the latter half of the year following a sluggish start. The Swiss-based forex and trading services provider posted second-half revenues of CHF 11.8 million, up 66% from CHF 7.1 million in the first half. This marked Dukascopy’s strongest half-year performance since 2022. Net profit for 2H 2024 reached CHF 251,000, just above breakeven.

Despite the second-half recovery, full-year results were down compared to 2023. Dukascopy recorded total 2024 revenues of CHF 18.9 million, representing a 15% decline from CHF 22.2 million the previous year. Net profit dropped sharply by 71% year-over-year, coming in at CHF 331,000 versus CHF 1.1 million in 2023.

Dukascopy 2024 Annual Results: Strong Second Half report?

Importantly, the 2024 profit figure was buoyed by a CHF 1.9 million release of bank reserves. Excluding this non-operating item, Dukascopy posted an operating loss of CHF 1.7 million for the year.

The primary driver behind the annual decline was a fall in trading income, which slipped to CHF 15.2 million in 2024 from CHF 19.1 million in 2023. FX trading remained the core contributor, generating 57% of total trading income. Crypto trading rose slightly year-over-year but still accounted for just 4% of the total.

Meanwhile, Dukascopy’s Swiss rival, Swissquote reported record-breaking results for 2024, outperforming Dukascopy on both revenue and profit fronts.

Operationally, Dukascopy trimmed its headcount for a second consecutive year, from 98 employees in 2023 to 94 in 2024.

Dukascopy Group maintains regulatory licenses in Switzerland, Latvia, and Japan. Its EU-facing unit, Dukascopy Europe, is authorized to operate across the European Union. Founded in 2004, the firm remains under the leadership of co-founders and co-CEOs Andrey and Veronika Duka.

With increased competition from stronger peers like Swissquote and a shrinking workforce, Dukascopy’s path forward may depend on its ability to reinvigorate core trading activities and strengthen its position in key markets.

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