Geneva-based Retail FX and CFDs Dukascopy has published its Annual Report and financial results for 2023, indicating that top line revenue and profit continued to decline in the second half of the year, following a very slow first half of 2023 . Dukascopy.
Dukascopy’s revenue was CHF 9.5 million (US$10.4 million) in 2H 2023, down slightly (by 1%) from 1H 2023, which as we previously reported was the first time revenue of Dukascopy fell below the CHF 10 million level in more than 10 years.
Dukascopy’s net profit was CHF 0.2 million in the second half of 2023, down 72% from CHF 0.9 million in the first half of the year.
In comparison, Dukascopy’s (much larger) Switzerland-based rival Swissquote just posted its best revenue and profit record for the same July-December 2023 period.
For the full year 2023, revenue of CHF 19.1 million at Dukascopy was down 29% from 2022 (CHF 26.8m) – and that despite a large increase in interest income in the much higher interest rate environment of 2023. Interest income accounted for more than 10% of consolidated income at Dukascopy in 2023, compared to basically nothing in 2022 .Annual net profit of 1.1 million CHF for Dukascopy in 2023, down 83% from 6.7 million CHF in 2022.
The company noted in a brief statement released with its financial statements that all Dukascopy Group subsidiaries were profitable in 2023, although the company appeared to be operating close to break-even, especially in the second half of the year.
Dukascopy headcount reduced from 108 to 98 in 2023.
Customer deposits at Dukascopy remained basically flat in 2023, reaching CHF 134.6 million at the end of 2023, compared to CHF 132.1 million in 2022.
Companies within the Dukascopy Group are controlled in Switzerland, Latvia and Japan. The Latvian entity, Dukascopy Europe is licensed to operate in the European Union. Dukascopy was founded in 2004 and is controlled by its founders Andre and Veronika Duka, who serve as co-CEOs of the company.
Following are Dukascopy’s consolidated income statement and balance sheet for 2023.
