EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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EY Luxembourg announces strong revenue growth of 12.3%
- Revenue of €325 million, up 12.3%
- Strong fiscal year across all sectors
- Growing practice with new Partners reinforcing the leadership team
Financial results
EY announced today a growth1 of 12.3% in its turnover generated in Luxembourg, reaching total net revenues for the financial year ending 30 June 2022 of €325 million2(from €286 million in 2021).
“Our practice has been growing steadily for the past ten years and I am proud this year again, to announce a double-digit growth. This revenue increase can be seen across all service lines. Our most solid service lines, Assurance and Tax, are growing at pace, innovating continuously to adapt to a changing regulatory environment. Our Consulting and Strategy & Transactions services had an exceptional year, accelerating their growth and footprint across all sectors.
“The strong alternative asset management sector in Luxembourg, our talented and dedicated employees who put our clients at the heart of everything they do, as well as our anchorage into the local business ecosystem, are responsible for this success. Despite the current uncertainty and challenges facing the global economic environment, I am confident that our collective resilience, entrepreneurial spirit and our Ambition 2026 strategic plan will be our assets for continuing success,” says Olivier Coekelbergs, Country Managing Partner and CEO of EY Luxembourg.
Assurance: strong growth of 11.1%
The Assurance practice again achieved a strong fiscal year with growth of 11.1%.
The increased demand for further assurance in the financial sector and the rising importance of assurance of non-financial information were the main revenue drivers in 2022.
“Thanks to the strength of our integrated network, EY's Assurance practice has won large mandates during the year. Our constant focus on quality and continued journey in digitalizing the audit function – by developing automation, AI and robotics solutions – allow us to be a step ahead of the increasing regulations and requirements in the audit profession. Our future-driven approach and leadership position in audit enabled us to adjust to the evolving aspirations of our people and to attract talent in a challenging market,” comments Olivier Lemaire, Partner, Assurance Leader at EY Luxembourg.
Consulting: revenues increased by 26%
The consulting practice continues its expansion with an outstanding revenue increase of 26% for the fiscal year ending 30 June 2022.
“By leveraging our global industry alliances with, among others, Pega, Microsoft or SAP, we have been awarded large business projects, allowing us to create meaningful change for our clients. Besides these important digital transformation projects, current and next steps in our growth strategy include responding to a high demand for managed services, regulatory consulting, cybersecurity, and ESG consulting. I am proud of having achieved this record growth alongside my teams, building on the trust of our clients – not only in the financial sector but also in the commercial, private and public sectors,” says Laurent Moscetti, Partner, Consulting Leader at EY Luxembourg.
Tax: robust growth of 9%
EY Luxembourg’s tax practice recorded a solid revenue increase of 9% for the year ended 30 June 2022, mainly boosted by global compliance reporting, indirect tax, operational tax, and also transactions, (re)-structuring support, digital tax and managed services.
“Our team has been delivering leading-edge, digitally enabled solutions in tax and people advisory services to our clients, guiding them in adapting to profound changes in the international tax environment, changing fiscal landscape and increasingly complex tax compliance procedures. With the addition of a new Partner, we have extended our expertise in operational tax services. Finally, ESG topics with responsible investments and governance objectives remain on top of client agendas,” comments Bart van Droogenbroek, Partner, Tax Leader at EY Luxembourg.
Strategy & Transactions: exceptional growth of 44.2%
The Strategy & Transactions (SaT) services practice delivered a strong growth of 44.2% in fiscal year 2022.
“Thanks to a growing and highly engaged team which has been reinforced by two additional Partners, our practice has recorded impressive revenue growth across all services. The M&A market has been supportive, together with our valuation, and modelling & restructuring services to the investment fund industry. Significant milestone wins and new long-term mandates have been secured and will positively impact activities. In view of current challenges on a macro-economic level, further investments and a stronger focus on expert resources, such as real estate transaction advisory or M&A transaction support services, will be needed,” concludes Christophe Vandendorpe, Partner, Strategy & Transactions Leader at EY Luxembourg.
Adriana Boixados Prio, People Leader, Olivier Coekelbergs, Country Managing Partner, José Longrée, Managed Services Leader
EY Global: achieving highest growth in nearly two decades
EY announced combined global revenues of US$45.4 billion for the financial year ending June 2022, an increase of 16.4%. This marks one of the most successful years in the history of the organization with the highest growth seen in nearly two decades.
All EY service lines recorded strong revenue growth. Consulting experienced exceptional growth of 27.1%, and Strategy & Transactions also grew by a significant 25.4%. Assurance grew by 8.9% and revenues from the Tax service line rose by 10.5%. Overall, headcount increased by 17% to 365,399 people globally.
People: reinforced leadership team and exceptional employees
A total of 94 countries and 53 languages are represented among the 1,800 people working in our diverse and multicultural EY environment.
A record number of 530 new hires have joined EY Luxembourg since the start of the current fiscal year 2023. More than 850 new professionals will have been hired before the end of June 2023, reinforcing the firm in its growth aspirations.
“At EY, we are dedicated to giving our employees an exceptional experience. Our leadership team is committed to providing and encouraging outstanding opportunities, such as an inclusive workplace where individuals from various backgrounds can thrive within multicultural teams, work on exciting and challenging projects with renowned customers from a variety of sectors, and benefit from a wide choice of training and upskilling opportunities. In a challenging talent market, we are determined to be as attractive as possible to our current workforce and the new generations,” says Adriana Boixados, Partner, People Leader at EY Luxembourg.
As a result of their exceptional performance during the fiscal year ending 30 June 2022, 12 new Partners and two Directors have been promoted. The leadership team continues to grow with the recruitment of six new Partners during fiscal year 2022 and the beginning of fiscal year 2023:
- Aude de Roquancourt, Partner, joined the accounting compliance and reporting practice; she is extending EY’s operational capacities and providing additional streamlined financial transformation services to clients of all industries
- Emmanuel Mareschal, Partner, joined the Commercial and Private Sector Assurance Practice, focusing on multinational corporations
- Lars Goldhammer, Partner, will join the International Tax and Transfer Pricing team, focusing on the Private Equity sector
- Razvan Mara, Partner, joined the Real Estate Assurance Practice, focusing particularly on international accounts, including both regulated and non-regulated structures
- Régis Karim Laban, Partner, supports the Government and Public Sector business development strategy with a focus on European Institutions
- Rosheen Dries, Partner, joined EY as the Wealth and Asset Management Tax Leader
Looking ahead
EY leaders have recommended that the organization evolves into two distinct, multidisciplinary organizations. One would be a global network of multidisciplinary member firms committed to assurance, tax and advisory services with all the capabilities required to deliver high-quality audits; and the other would be a new global corporate entity comprising Consulting, Strategy & Transactions (SaT), the majority of Tax, and Managed Services.
In taking this bold step, EY can better serve EY people, clients and broader stakeholders in a once in a generation opportunity to redefine the future of professional services. This move will create better and more dynamic career opportunities; people can learn more, take on new roles and explore different mobility options.
It would mean increased access to capital to reinvest in people and client services and solutions, with a laser focus on the issues that matter most to clients and stakeholders.
It would also mean more choice for clients for both audit and transformation services, and an even stronger focus on ESG priorities, as well as more opportunities to develop new corporate responsibility programs – such as co-investments in “green” projects – so that we can make an even bigger impact in the communities in which we operate.
Both organizations will be values-focused and purpose-driven, and both will preserve the strong EY culture and commitment to DE&I.
EY will now engage in more detail with EY member firm partners, whose votes will determine whether we move forward.
1 Turnover growth percentages are in line with the EY management reporting principles per service line.
2 Total net revenues represent the consolidated net revenues of EY Luxembourg.