EY 2017-18 results, (L-R): Bernard Lhoest, John Hames, Olivier Maréchal, Alain Kinsch, Brice Lecoustey;
EY Luxembourg today announced a 10.9% growth in its turnover, marked by an increase in each of its service lines, compared to the previous year which posted a growth of 10.6%; the turnover of the Luxembourg law firm amounted to €215 million for its fiscal year ending 30 June 2018.
"This year again, we are very pleased to report strong growth of 10.9%, driven by increased sales from each of our service lines. In the last 24 months, EY has increased its activity by 22% in the Luxembourg market. We are particularly proud of the good results recorded this year by our consulting department, which is growing by 26.2%, but also by our audit department, which is up 11.0% this year, showing uninterrupted growth in its turnover. have been in business for more than nine years," said Alain Kinsch, Managing Partner of EY Luxembourg.
The firm EY grants - and will continue to pay - a relentless attention to the quality of its audits, and this, at the height of its reputation. The sustained efforts towards the Luxembourg market, a specialization by industry, continuous investments in digital technology and global auditing methodologies, enabled the local audit department to achieve its best growth of the eight 11.0%, and to consolidate its position as the second largest audit firm in Luxembourg.
"Over the past five years, our audit practice has grown by 50%, and even doubled over the past nine years. This is a remarkable performance in a business sector considered to be quite mature and reflects the trust placed by our clients in EY's associates and professionals in their ability to provide high quality audits and services," added Alain Kinsch.
The consulting department achieved a very satisfactory sales growth of 26.2%, which is the result of strong demand from its clients in the provision of state-of-the-art reporting services, particularly related to the distribution funds, production of KIDs or assistance in implementing regulatory agenda - MIFID, PRIIPS, GDPR. There is also increased demand from Real Estate and Private Equity companies to implement best practices in operational platforms, or implement major changes in their governance and operating models. in a Brexit context. EY also owes its success to its digital and technology-related services, including smart automation, data analytics and cybersecurity, which have contributed significantly to this year's strong growth.
EY's commitment to supporting its clients in a rapidly changing tax environment and assisting them in their reporting obligations, particularly with respect to tax compliance and transfer pricing, has led to the growth in sales of its tax department in Luxembourg, ie 6.6% this year.
"In short, our growth is due to EY's desire not only to adapt, but also to stay one step ahead of the major disruption that is affecting today's business world. In this context, we continue to redefine the way we use technology to transform and strengthen our traditional and new service offerings within our service lines to better meet the needs of our customers. Moreover, our innovative and significant investments in leading-edge solutions in areas such as digital, IT consulting and transfer pricing, among others, have driven our growth and helped deliver high quality services. It is also important to point out that more and more of our clients have turned to us for our proven experience and reputation in alternative funds, including Private Equity and Real Estate, which are among our success stories. sustainable. Last, but not least, we salute the efforts of our talented professionals who have contributed, to a very large extent, to our growth, reinforcing our commitment to massively recruit and support the continuous development of our employees", concluded Alain Kinsch.