Geneva-based retail FX and CFDs broker Dukascopy has reported a continued decline in both revenues and profits for the second half of 2023, according to its latest annual report. The company’s revenues for the second half stood at CHF 9.5 million (approximately USD $10.4 million), marking a slight 1% decrease from the first half of the year, which was already noted as the first time Dukascopy’s revenues fell below CHF 10 million in over a decade.

The net profit for the second half of 2023 was particularly disappointing, totaling CHF 0.2 million, a steep 72% drop from CHF 0.9 million in the first half. This decline reflects a challenging year for Dukascopy, with full-year revenues down by 29% to CHF 19.1 million from CHF 26.8 million in 2022. Despite a significant rise in interest income, which made up over 10% of the year’s consolidated revenues, the annual net profit plummeted by 83% to CHF 1.1 million from CHF 6.7 million in the previous year.

In contrast, Dukascopy’s larger Swiss rival, Swissquote, reported record revenues and profits for the same period, highlighting the disparities within the industry.

Dukascopy noted that all subsidiaries of the Dukascopy Group remained profitable in 2023, though the company operated near breakeven, particularly in the second half of the year. The company reduced its headcount from 108 to 98 over the year, possibly as a cost-cutting measure.

Customer deposits remained relatively stable at CHF 134.6 million at the end of 2023, compared to CHF 132.1 million in 2022. Dukascopy, founded in 2004 and controlled by co-CEOs Andre and Veronika Duka, operates within a regulatory framework spanning Switzerland, Latvia, and Japan, with Dukascopy Europe licensed to operate in the European Union.