Exclusive: Dukascopy sees Revenues dip 22% in 1H 2023 to lowest level in 10+ years
FNG Exclusive… FNG has learned via regulatory filings made in Switzerland that Geneva and Riga based Retail FX and CFDs broker Dukascopy just saw (semi-annual) Revenues dip below the CHF 10 million mark for the first time in more than 10 years.
Dukascopy’s consolidated Revenue came in at CHF 9.6 million (USD $10.9 million) for the first six months of 2023, down 22% from the previous six month period (CHF 12.4 million in July-December 2022), and down 33% from what the broker posted in the corresponding first half of 2022 (CHF 14.4 million).
By comparison, Dukascopy’s (much larger) Switzerland based rival Swissquote just posted record best-ever Revenues, and near-record profit, for the same January-to-June 2023 period.
Despite the steep decline in Revenues, Dukascopy still managed to operate above breakeven, posting a Net Profit of CHF 889K (USD $1.0 million), versus profit CHF 2.8 million in the second half of 2022 and CHF 3.9 million in the first six months of 2022.
Customer deposits at Dukascopy fell slightly to CHF 130.0 million at June 30, 2023, down from CHF 132.1 million at year-end 2022.
Companies within Dukascopy Group are regulated in Switzerland, Latvia and Japan. The Latvian entity, Dukascopy Europe has a license to operate in the European Union. Founded in 2004, Dukascopy is controlled by its founders Andre and Veronika Duka, who serve as co-CEOs of the company.