PwC grows revenues in Luxembourg by 11% to over €700 million

PwC’s business in Luxembourg has enjoyed a notably successful year, despite a mixed business environment. Revenues jumped by 11%, lifting the Big Four firm through the €700 million mark.

Commenting on the annual results, François Mousel, Managing Partner of PwC in 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%. We are proud of the performance – I would like to thank all our people for their efforts and our clients for the continued trust they put in our services.”

Contrary to recent years, the growth was quite diverse across PwC’s service lines. While Assurance had an exceptional year and Tax grew solidly, Advisory (which includes Strategy&) had a more challenging year due to the dip in demand for consulting services.

According to Mousel, PwC’s success was driven by its multi-line service strategy and industry diversification, coupled with a strong responsiveness to evolving client demand, meaning the accounting and consulting firm could rapidly shift its efforts from underperforming parts of the business to more in-demand areas.

In the 2023/24 financial year, PwC reported a significant increase in its Net Promoter Score, according to Mousel the resultant of its ‘Client 1st’ philosophy. “Client satisfaction remains a cornerstone of our success,” he said.

Looking ahead into the next financial year, PwC said that it anticipates a more challenging environment as global economies navigate potential soft or hard landings. To seize opportunities in the market, the firm plans to expand its offerings in sustainability and ESG, technology including generative AI, and cybersecurity, among others.

PwC will also launch a collaboration with the network’s member firm in Portugal, aimed at establishing a specialised delivery hub for Assurance and Managed Services, catering primarily to financial sector clients.