Press Release, 24 October 2016
PwC has reported double-digit growth as the firm continues to invest heavily in its people, technology and new client services.
Revenues grew to 374 million euros for the year ended 30 June 2016, up 11% from last year’s 337 million euros. All of PwC’s core businesses - assurance, advisory and tax - have all seen an acceleration in revenue growth.
John Parkhouse, CEO of PwC Luxembourg, said:
"Our double-digit growth is the result of both the continued success of our people and our solutions in the market today, but also the ongoing robustness of Luxembourg’s business environment.”
Commenting on the impact of the EU referendum, John Parkhouse added:
"Luxembourg and the UK have a long history of working together to mutual benefit - that is going to continue. Solutions that work will need to take this into account - this is not about taking business from the UK, but about building a new way of working together."
Globally, the PwC network reported total global gross revenues of US$35.9 billion. At constant exchange rates (local currency), PwC's total global revenues rose by over 7%. More revenue growth is coming from developing markets - particularly Asia where revenues grew by 10%, with strong performances in India and China.
Investing in People
The firm has continued to make significant investment in its people this year. PwC now employs 2,700 people in Luxembourg and this year recruited 925 people from different horizons. Following PwC’s leading stance in promoting gender parity, the firm has made slight progress, with women representing 47% of its total workforce.
John Parkhouse continued:
"As the 6th largest business in Luxembourg by people, we have both an opportunity and a responsibility to make a real difference - We want to be the employer where people can reach their full potential, regardless of background, ethnicity, gender or sexual orientation. Diversity makes solid business sense with different views, perspectives and experience leading to better problem solving.”
To secure future growth, the firm has been investing heavily in technology to enhance the quality and impact of its services and make the best use of the skills of its people. With the world changing rapidly, PwC Luxembourg has been planning for the services its clients will need tomorrow, as well as serving their needs today. Whether it’s the tax and audit services of the future, transformational advisory, or blockchain, the firm is implementing a strategy to meet the long-term needs of its clients, people and communities at large.
John Parhouse said:
"We have initiated many tech-based offerings to our clients, but this is best captured in the launch of our Experience Center in August - being the start of a process to concentrate our development and co-creation facilities for the benefit of our clients and our people."
Building trust, solving problems
Now more than ever, society needs business, communities and government to work together to reconcile views and to solve important problems. A major step for the firm was the organisation of the Future of Tax initiative together with TNS-ILRES.
Wim Piot, Managing Partner and Tax Leader at PwC Luxembourg, said:
"his is the first time ever in Luxembourg a firm like ours has sought to debate what we do with the man in the street. We took a panel of citizens and debated on a set of principles for what the corporate tax system of the future should look like. The aim was to capture views on the purpose of corporate tax in the light of the tax reform and to help balance views and indeed served to change our position. I think that this is a first step where PwC can play a role - albeit modest in building a broader constructive dialogue around the issues of today for the world of tomorrow.”
John Parkhouse added:
"This is an era of unprecedented scrutiny and the public expects more from business today. We are focused on how we can best serve not just the needs of our core stakeholders but society. This is reflected in our purpose and the culture we’re building."
Supporting Luxembourg growth
Luxembourg has always offered a business-friendly environment. The collegial nature of the industry and the willingness of the industry, the government and the regulators to work together to get to the right answer are key components to continue this success story.
Rima Adas, Managing Partner, Network and Business Development Leader at PwC Luxembourg insisted:
"The nation branding efforts made by the government are important, not only in terms of attracting business but also to appeal to the people we’re going to need here. People are a key feature in our ability to continue to succeed.”
PwC Luxembourg annual review is available here.
Note to editors:
1. PwC Luxembourg (www.pwc.lu) is the largest professional services firm in Luxembourg with 2,700 people employed from 58 different countries. PwC Luxembourg provides audit, tax and advisory services including management consulting, transaction, financing and regulatory advice. The firm provides advice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. The firm helps its clients create the value they are looking for by contributing to the smooth operation of the capital markets and providing advice through an industry-focused approach.
2. The PwC global network is the largest provider of professional services in the audit, tax and management consultancy sectors. We are a network of independent firms based in 157 countries and employing over 223,000 people. Talk to us about your concerns and find out more by visiting us at www.pwc.com and www.pwc.lu.