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17% growth for the fiscal year ending June 30, 2023, with a turnover of €635m against very high inflation.

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17/10/2023 |
  • François

    François Mousel, Managing Partner de PwC Luxembourg

PwC Luxembourg is proud to report a double-digit 17% increase, with a turnover of €635m for the year ended 30 June 2023, against a backdrop of very high inflation.

François Mousel, Managing Partner de PwC Luxembourg said :“Against the backdrop of a year characterised by inflation, PwC Luxembourg had a very successful year,  reaching a turnover of €635m which is an increase of 17% from FY22. This growth has been fuelled by all our businesses and all our industries, something we are particularly proud of. However, it should be noted that a significant portion of that turnover increase is linked to price adjustments we needed to take in order to absorb significant cost increases, both on the side of the remuneration of our People and on the side of our other overheads (rent, IT costs, etc.). Especially regarding our People, we have made a significant investment in the last year in terms of alignment of our salary grids and our bonus pools in order to also help them cope with the high inflation environment and in order to be competitive on the market.”

“We believe that the following have contributed to that outcome:

  • The market priorities we choose, and to which extent they are aligned to our purpose and the needs of our clients; on those priorities, I would specifically like to highlight Managed Services, Sustainability Services and Technological Alliances,
  • The impact we make on our Clients and Communities,
  • The level of investment we make in order to transform our delivery models, develop new services and embrace relevant technology,
  • How we care for our People over and above of a competitive compensation (in terms of flexibility, well-being as well as learning and development), and
  • Our walking-the-talk in how we manage our ecological footprint and contribute to the overall decarbonisation effort.”

Read the full message online

This PwC Luxembourg Annual Review is fully aligned with the above-mentioned success factors and is structured according to the four WEF-IBC Pillars: Governance, Planet, People and Prosperity.In FY23, for the first time, PwC directly reports on the core metrics of those pillars in a manner true to the Firm’s values by saying things as they are and factually reporting both on the progress made but also on the areas where the Firm still needs to improve.

Prosperity - Business Review

Our financial year, which spanned from 1 July, 2022 to 30, June 2023, was one characterised by inflation and its impact, leading to uncertainty. Geopolitical tensions, vulnerable supply chains and rising energy prices are three contributing factors.

This means our clients have had to navigate through this inflationary context that continued over the year, amid rising cost pressures and a drop in pricing power. And all this during a time of critical transformation for businesses—regulatory demands, artificial intelligence (AI), the Cloud, product diversification, climate risk, sustainability and diversity,to name a few of the key trends.

Yet, despite these adverse impacts, we are pleased to report a +16.8% increase in our net revenue (based on turnover), taking us to year ended 30 June, 2023.

As a professional services firm in Luxembourg, we believe this was an exceptional year despite the disruption. We were—and continue to be—able to adjust our services to respond to our clients’ needs. We also continue to invest for tomorrow's needs, for example, on our Environmental, Social, and Governance (ESG) services offer.


Our Advisory practice experienced great success this year, achieving a growth rate of 12.2%, bringing the total turnover to €130.7m, representing 20.6% of the Firm's total revenue for the year and therefore playing a pivotal role in driving the overall expansion of PwC Luxembourg.


FY23 has been an outstanding year for PwC Luxembourg Assurance practice with a growth of 22.6% overall, bringing the total turnover to €333.9m, representing 52.6% of the Firm's total revenue for the year.


In FY23, turnover from our Tax Services grew by 10.2%. To note that in April 2022, our Global Mobility Tax and Immigration Services business was sold to a private equity firm upon PwC's Global strategy. Adjusting our Tax results for the disposal of this activity, Tax growth would be at 12.6% (vs 10.2% as reported).

Highlights from the other WEF-IBC (World Economic Forum's International Business Council (IBC) pillar

Principles of Governance

No firm can be sustainable and successful in the long-term without strong principles of governance, values and internal controls. In our Governance section, we report on the four most important dimensions to us as PwC Luxembourg:

  • Governing Purpose,
  • Stakeholder Engagement,
  • Quality of Governing Bodies, and
  • Ethical Behavior.

“Trust is built through authentic, transparent and credible actions that are aligned with our corporate purpose. Governance is the foundation of how we build that trust and continued long-term value with all our stakeholders.” François Mousel, Managing Partner, PwC Luxembourg


At PwC Luxembourg, our common vision is to be the most impactful, dynamic and trusted partnership for our clients and all our stakeholders, in Luxembourg and beyond its borders. The key to realising this vision is people. 

That’s why we are constantly improving our HR strategy with the aim to be a leading organisation for inclusion and belonging for our People, our clients and external stakeholders, as well as a leading employee destination for diverse talent. Our actions focus on improving our People's wellbeing, providing relevant training to employees to enable prosperous outcomes, strengthening our diversity and inclusion efforts and maintaining pay equality.


We recognise that true prosperity has to be sustainable, underpinned by a diverse services and work environment that puts our People at the heart of everything we do.

To ensure we will be successful in our common vision, we will:

  • Build a meaningful journey for our clients and people;
  • Bring direct monetary and non-monetary value to our stakeholders and the community around us;
  • Generate market leading growth by innovating and extending our service scope;
  • Invest to support the Firm's ambition to help organisations build trust and deliver sustained outcomes. For this we will work on the digitisation and ESG transformation of our services as well as the transformation of our delivery models using sourcing and AI;
  • Engage with our local stakeholders and our network constantly; and
  • Support our communities through indirect economic impacts.

You can find PwC Luxembourg’s  complete 2023 Annual Review here

What we cover under this Annual Review

As in our 2022 Annual Review, our 2023 review is aligned with the reporting disclosures and metrics proposed by the WEF and the IBC, “Towards Common Metrics and Consistent Reporting of Sustainable Value Creation”. The layout of our report mirrors that of the four pillars suggested by the WEF IBC, Principles of Governance, People, Prosperity and Planet, and we have matched our corporate sustainability reporting with the metrics and disclosures proposed.

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