EY Luxembourg announced on Tuesday a 7.6% revenue growth to €178 million in its last financial year, which ended June 30, 2016.
“We are pleased to have achieved this year again, a very satisfactory revenue growth, which is fairly consistent compared to our last year growth of 8%,” said Alain Kinsch, country managing partner.
The practice grew 10.1%, allowing EY “to consolidate this year again our position of second largest assurance practice in Luxembourg in terms of revenues,” according to the company statement.
At the same time, the tax practice recorded a growth of 8.3%, notably due to “services related to the OECD’s recommendations around base erosion and profit shifting (BEPS), as well as transfer-pricing work globally and increased cross-border activity.”
EY also reported increased demand from clients who are “more actively looking for services to manage mobility, organisational and compliance issues.”
Evolution is, however, less positive for the advisory activity, which saw revenue fall by 7.3% while the firm has “continued…to invest in strategic areas such as digital technology, analytics and business transformation.”
Last month, 180 professionals joined EY Luxembourg. The company, which now has 1,250 employees, plans to hire another 400 in the coming months.