Swissquote seeing 40% rise in Revenues so far in 2020
Leading Swiss online trading firm Swissquote has issued a brief update on its performance so far in 2020, and it certainly looks good.
The Gland, Switzerland based company led off by saying it sees “impressive performance” in the first half of 2020, as investors flock to Swissquote’s trading platforms amid extreme market volatility.
The first months in 2020 were marked by strong volatility on financial markets, increased trading activity for Swissquote and what the company called a “massive inflow” of new clients. This resulted in an impressive performance for Swissquote in the first half of 2020 with Net Revenues increasing by more than 40 percent, and the Pre-Tax Profit by more than 120 percent compared to the same period last year.
Net Revenues for the first half year are now estimated over CHF 160 million (H1-2019: CHF 112.2 million) whilst the Pre-Tax Profit should exceed CHF 56 million (H1-2019: CHF 25.1 million).
Swissquote concluded by saying that the outlook for 2020 (reported on 17 March 2020) anticipated that net revenues and profitability would increase by 10 percent. A revised outlook taking into account a more prudent second half year 2020 will be provided as part of the publication of the half year results on 11 August 2020.
The release by Swissquote certainly mirrors what a number of its Swiss and UK/EU rivals have been reporting, as trading volumes at many FX and CFD brokers have skyrocketed during the Covid-19 crisis. Mainly, due to increased financial market volatility which has accompanied the global pandemic since earlier this year. But also due to the fact that many types of gambling – notably sports betting – has been effectively shut down due to the lack of professional sports over the past few months, leading many causal and serious sports bettors to the financial arena.
Swissquote’s main Swiss rival, Dukascopy, saw Q1 revenues triple.