EY boasts double-digit growth after record 2020
Big-Four consulting firm Ernst & Young Luxembourg beat a record 2020, increasing revenues in the current year by 10% to €286 million, with all sectors growing, the Kirchberg-based branch announced on Thursday.
The sector growing the most in EY's financial year ending on 30 June was Strategy and Transactions, registering an increase in revenue of 13% after 30% growth last year, E&Y country head Olivier Coekelbergs said on Thursday.
The Assurances and Tax sectors of the firm also recorded double-digit growth in revenues, jumping by 10% and 11.8% respectively.
The tax arm grew as more clients sought advice on the shifting tax burdens that the OECD minimum corporate tax will usher in, said E&Y Tax Leader Bart van Droogenbroek, speaking at a press conference to present the results.
The consulting business also grew though at a slower rate of 5.5%. Clients were more willing to give longer mandates - of more than a year - compared to the previous practise of shorter mandates of just a few months, according to Laurent Moscetti, who heads the consulting unit.
The strong growth saw the firm beat a record year of 2020, when it had registered growth of 9% over the year.
But the firm did less well on making good on its promise to hire more female partners, Coekelbergs said. "We know very well it is something to work on. But it is not changing overnight," he said.
In 2021, only a third - five out of 15 - of all promotions to associate partner and partner-level were female, an E&Y spokesperson said.
E&Y Luxembourg hired a record 450 new members of staff since the end of June and is expecting to add another 250 by June next year. Overall, the Kirchberg branch employs 1,700 people. The result of the Luxembourg operations tops E&Y's global results which rose by 7.3% to $40 billion, the firm said.