PwC Luxembourg has reported revenues of €463.1 million for the year ended 30 June 2020, up by 3.5% from €447.4 million last year.
The firm's Assurance practice was very successful in the past year and delivered overall a growth of 7.3%, fuelled especially by the Alternatives industry (Private Equity, Real Estate, Infrastructure and Hedge funds).
The Tax practice experienced a year of consolidation in terms of topline, with some client sectors showing growth (specifically again the Alternatives industry), while other client sectors (like multinational corporations) or specific services (like tax reporting services on investment funds) have reached maturity or are progressively phasing out.
The Advisory practice also had a successful year with a growth of 6.1% following an already good year in 2019. Specific drivers of that growth were large-scale business transformation projects, often with an important technology component, risk and regulatory projects to help clients cope with a changing environment, but also increased demand for cybersecurity and digital services. The firm's client base continued to be very diversified including very large to small companies in all sectors of activities present in Luxembourg.
As part of its efforts to build trust in society and solve important problems, PwC stressed that its main challenges over the next twelve months will focus around adapting to new ways of working, digital transformation, understanding the evolving workforce, upskilling for new relevant skills, protecting remote workers and its clients as well as navigating a constantly evolving regulatory environment.
As of 30 June 2020, the firm's workforce comprised 2,796 employees from 77 different nationalities and is expected to reach 2,875 as of January 2021.
John Parkhouse, CEO of PwC Luxembourg, commented on the company's performance: “Our financial numbers this year reflect a combination of certain parts of our business growing very fast (like most of our services provided in the Alternatives industry), certain parts of our business being at maturity (like certain tax reporting services provided for investment funds) and, last, but not least, some dampening impact that COVID-19 had in the last months of our financial year".
PwC Luxembourg has detailed these results in its fourth Annual Review, based on GRI (Global Reporting Initiative) standards, which can be downloaded from https://www.pwc.lu/en/annual-review/pwc-luxembourg-annual-review-2020.html.
