Dukascopy recently released its 2023 Annual Report and financial results, painting a picture of a continued decline in both revenues and profits throughout the year. The second half of 2023 saw a further downturn, compounding the already sluggish performance observed in the first half of the year.

In specific figures, Dukascopy reported revenues of CHF 9.5 million (USD $10.4 million) for the latter half of 2023, marking a slight 1% decrease from the preceding six months. This decline is noteworthy, as it’s the first time in over a decade that Dukascopy’s revenues have fallen below the CHF 10 million threshold. Correspondingly, net profit for the same period plummeted by 72% to CHF 0.2 million, down from CHF 0.9 million in the first half of the year.

Comparatively, Dukascopy’s Swiss-based competitor, Swissquote, experienced record-breaking revenues and profits during the same July-to-December 2023 period, underscoring the divergence in performance within the industry.

Dukascopy Annual Report: Revenue Dip & Profit Decline in 2023

For the entirety of 2023, Dukascopy recorded revenues of CHF 19.1 million, reflecting a significant 29% drop from the previous year’s CHF 26.8 million. This decline occurred despite a notable increase in Interest Income, attributed to the higher interest rate environment of 2023. Interest Income accounted for over 10% of Dukascopy’s consolidated revenues in 2023, compared to negligible figures in 2022. Additionally, the annual net profit for Dukascopy in 2023 stood at CHF 1.1 million, marking an 83% decrease from the previous year’s CHF 6.7 million.

In a brief statement accompanying its financial statements, Dukascopy highlighted that all subsidiaries within the Dukascopy Group were profitable in 2023. However, the company operated at near-breakeven levels, which was particularly evident in the latter half of the year. Notably, Dukascopy reduced its headcount from 108 to 98 employees during 2023.

Despite the financial challenges, customer deposits remained relatively stable throughout 2023, standing at CHF 134.6 million by the year’s end, compared to CHF 132.1 million in 2022.

Dukascopy Group operates under regulations in Switzerland, Latvia, and Japan, with its Latvian entity, Dukascopy Europe, holding a license to operate within the European Union. Founded in 2004, Dukascopy is overseen by its founders, Andre and Veronika Duka, who serve as co-CEOs of the company.

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