PwC is proud to announce that the Firm was able to grow the business overall over the past fiscal year from 1 July 2023 to 30 June 2024 by 11.4% to reach a total turnover of slightly more than €700m. This was achieved while investing in advanced technological and innovative capacities to meet clients' needs.

François Mousel, Managing Partner from PwC Luxembourg said,

“Despite a challenging macroeconomic environment due to a further year of restrictive monetary policy, we were able to grow our business overall by 11.4% to reach a total turnover of slightly more than €700m. We note however that, contrary to past years, the growth has not been homogeneous across all our service lines: while Assurance clearly had an exceptional year and Tax, including Managed Services, grew solidly, Advisory had a more challenging year, reflective of a market environment characterised by volatility and uncertainty. 

We see this very solid performance as an outcome of our efforts and achievements especially in the following critical success areas: 

• The multi-line of services strategy and diversification in terms of client industries and sub-industries we are working on;

• The satisfaction level of our clients is very high, with a significant further increase in our Net Promoter Score;

• Our Global People Survey showed a high level of engagement and trust of our People, who highlighted our focus on quality and our values, as well as our initiatives around flexibility, health, wellbeing and diversity, equity, and inclusion. 

I would like to thank our clients for the continued trust they put in our services and in our Firm. And I would like to specifically thank all the Partners and all our People for all the efforts provided. Villmools merci!”

Read the full message from our Managing Partner online 

This PwC Luxembourg Annual Review is structured according to the four WEF-IBC Pillars: Governance, Planet, People and Prosperity. In FY23, for the first time, PwC directly reported on the core metrics of those pillars in a manner true to the Firm’s values by saying things as they are and factually reporting both on the progress made — but also on the areas where the Firm still needs to improve — and this is the same for FY24. 

Prosperity - Business Review

PwC Luxembourg is pleased to report an 11.4% increase in net turnover for the fiscal year spanning 1 July 2023 to 30 June 2024. Given the somewhat challenging environment, the Firm showed resilience and remains confident in its strategy and its ability to continue developing services as per the FY27 ambition plan. 

Prosperity for the Firm means not only financial success but also positive contributions to its ecosystem and stakeholders. PwC Luxembourg focuses on quality investments, innovation, and community engagement, recognising that its People and their meaningful career journeys are key to its success.

Advisory

After last year’s successful 12.2% growth, this year has been one of consolidation with a limited growth in turnover of 0.6%. In uncertain markets, the dynamic of the business has varied between industries with a more challenging year in the financial sector where the Firm witnessed many clients postponing their deals, reducing the size of their projects or postponing some strategic investments. However, Advisory continues to account for 18.6% of the Firm's total turnover, marking an important contribution.

Assurance

The fiscal year 2024 has been remarkable for our Assurance practice, with an impressive 18.5% growth overall. This surge has propelled our total turnover to €396m, accounting for 55.9% of the Firm's total revenue for the year. The Alternatives industry continues to be a primary growth driver, consistent with trends from previous years. However, all industries have made robust contributions to their top lines, highlighting the resilience of some sectors, such as banking and operational companies. The audit practice saw an 18% increase, while other assurance services grew by 19.8%.

Tax

With a growth of almost 6% in FY24, which represents 25.5% of turnover, our Tax practice, continues to be recognised as the leading provider in Luxembourg in terms of size, turnover, and services scope. This growth has been mainly supported by the demand for our specific pillar 2 expertise and reporting services as well as for our consulting services, especially for multinational companies, as the climate in the fund industry has been quite challenging with fewer deals and slower fund raising. But we believe in the expansion of our scope in Alternatives Investment sector with our managed services offering.

The other WEF-IBC (World Economic Forum's International Business Council (IBC) pillars

Principles of Governance

In our Governance section, we report on the four most important dimensions to us as PwC Luxembourg:

• Governing Purpose;

• Stakeholder Engagement;

• Quality of Governing Bodies; and

• Ethical Behaviour.

“Only sustainable businesses generate financial success over the long term and are truly embedded in society. My priority as Chief Sustainability Officer is to embed our non-financial objectives into our core business and to put the responsibility for their execution at the highest management level, i.e., the Country Leadership Team and myself.” François Mousel, Managing Partner, PwC Luxembourg  

People

The common vision is to be the most impactful, dynamic, and trusted partnership for the Firm’s clients and all stakeholders, in Luxembourg and beyond its borders. To succeed, PwC Luxembourg’s strategy focuses on proximity with its people by fostering close interactions, talent management to unlock their potential, and ensuring their physical, emotional, and mental well-being. The Firm is also committed to taking practical steps to promote diversity, equity, and inclusion in their lives. 

People are critical to the success of the Firm. This is why PwC Luxembourg works hard to create environments where individuals thrive, grow, and find purpose, cultivating a workplace where well-being and career growth go hand in hand, and preparing employees to seize every business opportunity.  

Planet 

The long-term preservation of the planet is a common responsibility between Government, private businesses, and citizens. 

At PwC, the following dimensions are considered to be areas of focus:

• Net Zero;

• Land use and ecological sensitivity;

• Water consumption; and

• TCFD (Task Force on Climate-related Financial Disclosures).

PwC Luxembourg acknowledges the complex challenges in achieving net zero, given real-world constraints and limitations of people, technologies, and practices. However, the Firm believes that better data collection will enable improved progress measurement, strategy adaptation, and compliance with the EU Corporate Sustainability Reporting Directive.

You can find PwC Luxembourg’s detailed 2024 Annual Review: “Embracing change for more sustainable success” here