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PwC reports record €543 million turnover
Big Four

PwC reports record €543 million turnover

by Heledd PRITCHARD 25.10.2022
Grand Duchy's largest Big Four firm recorded a net revenue of €480 million for the year to 30 June
PwC's offices in Luxembourg's Cloche d'Or area
PwC's offices in Luxembourg's Cloche d'Or area
Photo credit: Chris Karaba

Accounting and consulting firm PwC Luxembourg generated a record €543 million in turnover for the fiscal year ending June 2022 – an 11% growth compared with last year, the company said on Tuesday.

Half of the turnover came from providing statutory audit and other assurance services, and that part of the business grew by 11% to €272 million, the Grand Duchy's largest Big Four firm by employment said. 

Its next largest segment was tax services, which grew by 9% to €154 million in revenues, the company said. PwC's advisory services -which guides clients on issues like business strategy, regulation and digital transformation - enjoyed a 14% increase to income of €117 million, or 22% of the turnover, the report said.

PwC has a headcount of 3,100 staff in Luxembourg and hired more than 1,100 new recruits at the beginning of the year. The firm put much effort into recruiting and retaining staff last year and will continue to do so in the coming year, Luxembourg CEO John Parkhouse said.

His comments come just months after the firm’s global chairman, Bob Moritz, defended the decision to keep the audit and advisory arms under one roof, which rival EY is planning to abandon. Moritz said the combination was crucial to attracting staff and that the model outweighed the difficulty of managing conflicts of interest between the two divisions.

Moritz expects to attract senior managers and even some partners from EY, he told the Financial Times earlier this month.

The group’s annual revenues for the year to 30 June showed 13% revenue growth to $50.3 billion (€51 bn).

PwC's global consulting business saw a 24% jump to $20.7bn (€20.7bn), while there was an 8% increase in the assurance business to $18 bn (€18bn) and a 7% rise in tax and legal services to $11.6 bn (€11.6bn). 

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