EY Luxembourg Records 13% Turnover Growth to €263m

EY announced today a growth of 13% in its turnover generated in Luxembourg reaching total net revenues of €263 million for the financial year ending 30 June 2020.

Alain Kinsch, who served as Country Managing Partner at EY Luxembourg until 30 June, commented: “This has been an extraordinary year for EY Luxembourg as we have achieved the highest growth rate since 2009, the year I took over as Country Managing Partner. It has also been the year of completing our previous strategic cycle Vision 2020, exceeding our long-term objective and growing our firm from €100 million and 700 employees in 2009 to now €263 million revenues with over 1.600 professionals. The past five years have been particularly strong with a growth of 60% in our revenues".

The EY Luxembourg audit practice also achieved an all-time record year with an increase in revenues of 16.5%, further strengthening its position as the second largest audit practice in Luxembourg. 

The Luxembourg Tax practice delivered a strong growth of 12.1% of its turnover for the year ended 30 June 2020. Tax advisors supported clients to navigate through the regulatory changes linked to Luxembourg’s implementation of the ATAD and MDR directives and supported them around its long-anticipated guidance on Financial Transactions Transfer Pricing, referred to as Chapter X of the OECD Transfer Pricing Guidelines, released in February this year. At the same time, digitalisation, automation and robotics continue to become more and more prevalent, representing an important differentiating factor especially in the Global Compliance & Reporting and the Indirect Tax offerings, but also in the other Tax services.From a financial point of view, the transfer pricing and global compliance and reporting practices remained the services achieving the strongest growth, although the firm experienced a robust increase in the other services as well.

On the other hand, the revenues of the EY Luxembourg Consulting practice decreased by 7.3% this year. Alain Kinsch explained: “After growing double digit every year in Consulting over the last five years with a total growth of 83%, we had a challenging year over the last twelve months. One the one hand, we saw some consolidation of the numerous investments we have done in our Consulting practice over the past years and it is our Consulting practice that has been the most impacted by the reduced spending and postponing of advisory projects since April due to COVID-19”.

Finally, EY Luxembourg's Transactions and M&A practice had another successful year delivering 30% growth, accompanying both local companies in their M&A projects as their lead financial advisor and also the local Private Equity and Real Estate fund industry acting as an independent valuation expert.