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Combined growth over four years close to 60%.
EY Luxembourg has reported a 13% growth for the fiscal year ending 30 June 2024, with revenues climbing to €416.6 million from €369 million in 2023. Over the past four financial years, the firm has achieved a cumulative growth of close to 60%.
“Despite macroeconomic tensions and rising cost conditions, we are staying the course we had set for ourselves in 2020 when the current management team and I took office. We set the bold goal to nearly double our sales from €260 million to €500 million by 2026. The exceptional consistency with which we are growing shows that we are well on our way to achieving this target. It is also a testament to the fact that we have the right strategy,” said Olivier Coekelbergs, Country Managing Partner of EY Luxembourg.
Olivier Coekelbergs credits this performance to the firm’s professionals, whose dedication, hard work and commitment to excellence have paid off. “We are proud of the achievements of our people, and look forward to continued growth and development together,” he added.
Audit: strong growth of 16.2%
“We are pleased with the impressive 16.2% growth in our Assurance practice this year,” says Michel Feider, Partner, EY Luxembourg Assurance leader. “This marks our 15th consecutive year of growth, with a remarkable cumulative increase of almost 35% over the past two years. Our commitment to quality, talent, innovation and operational excellence remains unwavering. We are particularly excited about advancing our digital audit ambitions for investment funds. Leveraging cutting-edge technology, we aim to enhance the audit of liquid funds and combine our unique digital expertise with our leading experience in alternatives investments to deliver exceptional value to our clients. Additionally, we are expanding our footprint in the non-audit area by developing, among others, our capabilities in financial accounting advisory services as well as our climate change and sustainability service offering.”
Consulting: an impressive 16.4% increase in revenues
“The Lux Consulting practice has delivered remarkable growth of 16.4% in FY24. All pillars of our consulting activities have progressed, with particularly outstanding results in the Insurance and Asset Servicers sectors,” comments Laurent Moscetti, Partner, EY Luxembourg Consulting leader. “FY24 has also been a year of significant acceleration for our Managed Services, supported by state-of-the-art technology platform, which enabled an impressive 40% year-over-year TER growth across our existing client base. These achievements demonstrate our commitment to delivering exceptional value and innovative solutions to our clients. Since FY21, we have maintained steady and solid growth, with a compound annual growth rate (CAGR) of 12.9% from FY21 to FY24. This sustained growth trajectory highlights our resilience, strategic focus, and dedication to help our clients navigate safely in the troubled waters of our time.”
Tax: 12.7% growth
“EY Luxembourg’s Tax practice has achieved outstanding growth, with a 12.7% revenue increase this year, building on last year's solid 4.2%,” says Bart Van Droogenbroek, Partner, EY Luxembourg Tax leader. “Our success is fueled by our expanding accounting, compliance, and reporting services, along with our expertise in global compliance reporting, indirect tax, and operational tax services. We continue to push forward with rolling out cutting-edge digital solutions in Managed Services and tax technology. Our expert team is committed to navigating clients through these complexities, delivering top-tier tax advice and ensuring seamless compliance.”
Strategy and Transactions: remarkable 12.9% growth
The Strategy & Transactions (S&T) services practice delivered a strong growth of 12.9% in fiscal year 2024.
“Our Strategy & Transactions (“S&T”) has yet again delivered a double-digit growth within a challenging context marked by sluggish M&A activity. Clients continued to entrust significant and strategic projects to our S&T service line, who can count on a team of highly skilled and dynamic professionals. Three business factors further contributed to such performance. First, the successful completion of significant deals despite challenging market conditions, secondly, the resilience of our Real Estate transaction advisory services thanks to secured long-term projects and finally the investment fund industry where we could continue to increase our footprint with our valuation, modelling and liquidation services. Our S&T services are ideally positioned to assist our clients navigating the current macro-economic challenges and the increased regulatory needs in an advancing technological environment,’’ concludes Christophe Vandendorpe, Partner, Strategy & Transactions leader at EY Luxembourg.
People
We have welcomed 910 new professionals in the year ended June 2024. The firm granted 390 promotions, out of which 17 promotions to partnership, as a result of solid growth across all service lines and a strong commitment to developing our people.
The thoughtful hiring process plays a key role, bringing in top talent to accelerate innovation and excellence. This October, the firm proudly welcomed 320 new recruits from 29 different countries. This is in line with the existing diversity within our firm and our commitment to sharply growing our people base – our most valuable asset. We have also started setting the foundations of a transformation journey of our people strategy, which is centered around strengthening purpose, enabling autonomy and shaping excellence in response to the changing dynamics of the current times.
Strengthened physical market presence
As part of our strategic implementation efforts, EY has expanded into an additional building, in the heart of a very dynamic area of the city of Luxembourg, straddling between Howald City and Cloche d'Or. The rental will start this December. The new building spans 8,000 square meters and accommodates 450 seats. EY plans to occupy this new space from Q3 2025. “This expansion reinforces our commitment to growth and enhancing our service capabilities. EY is now the only firm to have a presence in both Cloche d’Or and Kirchberg. This development further solidifies our position in the market and our ability to serve clients effectively across key locations,” concludes Olivier.
EY Global: growth
Worldwide, EY has announced consolidated sales of US$ 51.2 billion for the financial year ending 2024, an 8.3% five-year compound annual growth rate in US dollar terms. All EY divisions reported significant revenue growth. The EMEIA region experienced the greatest growth of 6.9%, followed by the Americas at 2.7%.
In people value, 5.1 million people applied to join EY in FY24. The firm invested US$ 354 million in training and has awarded 500,000 EY Badges since the education program started. EY remains the only Big Four on the Fortune 100 Best Companies to Work For list every year for the last 26 years. In societal value, EY has delivered 20,000 sustainability engagements to clients and is on track to meet its target of 100% renewable energy in EY offices by 2025. According to independent research firm Verdantix, EY is a sustainability leader in ESG and Sustainability Consulting in 2024.