PwC Luxembourg Reports €635m Turnover, Up 17% in 2023

On Tuesday 17 October 2023, PwC Luxembourg published its annual review for the fiscal year ending 30 June 2023.

PwC Luxembourg reported 17% growth for the fiscal year in question, with a turnover of €635 million. The firm witnessed growth across its service lines: 12.2% growth for Advisory, 22.6% for Assurance and 10.2% for Tax.

The firm's net revenue (based on turnover) increased from €563.4 million in 2022 to €634.7 million in 2023 (up 16.8%).

François Mousel, Managing Partner at PwC Luxembourg, noted that the firm had had "a very successful year" despite a context of high inflation. "This growth has been fuelled by all our businesses and all our industries, something we are particularly proud of," he elaborated. "However, it should be noted that a significant portion of that turnover increase is linked to price adjustments we needed to take in order to absorb significant cost increases, both on the side of the remuneration of our People and on the side of our other overheads (rent, IT costs, etc.)."

François Mousel added that PwC Luxembourg had made a "significant" investment this past year in aligning its salary grids and bonus pools to help its staff "cope with the high inflation environment and in order to be competitive on the market."

As of 30 June 2023, PwC Luxembourg counted more than 3,200 employees - an increase of 14% over one year. The firm hired 893 new people at the start of 2023.

This PwC Luxembourg Annual Review is structured according to the four pillars of the World Economic Forum's (WEF) International Business Council (IBC): governance, planet, people and prosperity. The financial year in question ran from 1 July 2022 to 30 June 2023.

The full PwC Luxembourg Annual Review 2023 is available at https://www.pwc.lu/en/about-us/pwc-luxembourg-annual-review-2023.html.