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Swissquote (SWX:SQN), an online trading service provider, has released revised revenue and profit forecasts for 2020, showing a substantial jump from previous expectations. Swissquote expects an annual pre-tax profit of 105 million Swiss francs and revenue of 315 million Swiss francs.
Earlier, Swissquote forecasted annual revenue of 300 million Swiss francs in 2020 and a profit of 100 million Swiss francs. This means that the company now expects overall growth in both areas to reach 5%.
Based on the strong growth of customers during this period, Swissquote revised its profit forecast. The company further disclosed that the net inflow of new funds amounted to 5.3 billion Swiss francs. In addition, this year's customer assets reached a record high of 39.8 billion Swiss francs.
Swissquote provides trading services for retail and institutional traders. In addition, its services range from foreign exchange to futures, to stocks and cryptocurrency CFDs.
This is the second time Swissquote has revised its forecast for 2020. The first revision was made when the forecast for the first half of 2020 was released.
According to Swiss media reports, Swissquote's net income in the first half of last year was 160.7 million Swiss francs, a year-on-year increase of 43.3%. Profits during the same period increased by 132.8% to 58.4 million Swiss francs.
If the audited figures match the estimates, Swissquote will announce its best annual revenue and profit for 2020. In addition, Swissquote is diversifying its business by entering other industries. Last month, it partnered with electric car manufacturer Tesla to launch a digital leasing service.
Reprinted from Wikifx, the copyright all reserved by the original author.
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