COMPANIES & STRATEGIES - SERVICES & ADVISORY

Big Four annual results

Deloitte Luxembourg publishes Impact Report as revenues reach €405m



The Deloitte Luxembourg team, from left to right: Pierre Masset - Operations Leader, Christiane Chadoeuf - Audit & Assurance Leader, John Psaila - Managing Partner, Francesca Messini - Sustainability Leader, Bernard David - Tax Leader, and Patrick Laurent - Advisory & Consulting Leader. Deloitte Luxembourg

The Deloitte Luxembourg team, from left to right: Pierre Masset - Operations Leader, Christiane Chadoeuf - Audit & Assurance Leader, John Psaila - Managing Partner, Francesca Messini - Sustainability Leader, Bernard David - Tax Leader, and Patrick Laurent - Advisory & Consulting Leader. Deloitte Luxembourg

Deloitte Luxembourg on Thursday published its fourth annual Impact Report on the measures the Big 4 firm has taken to foster sustainability. The report also includes annual results, which show a 7% growth in gross revenues.

Deloitte Luxembourg on 24 November reported a year of growth similar to its 2021 performance,  with a 7% increase in its firmwide gross revenues, which reached €405 million euros for the 2022 financial year. “We again secured growth that is consistent, durable and sustained,” said Deloitte Luxembourg managing partner John PsailaJohn Psaila. The firm’s three business lines all enjoyed year-on-year increases, with Audit & Assurance up by 7%, Advisory & Consulting by 9%, and Tax by 3%.

The firm says it performance in Advisory & Consulting was driven by key levers including strong development of the non-FSI sector, digitalisation, financial advisory services, ESG services and disclosure solutions, and Risk & Regulatory services. “Our clients feel an urge to accelerate their transformation toward a more circular, resilient and decarbonated economy,” the firm said.

Sustainable businesses must evaluate their performance from more than a financial angle
John Psaila

John Psailamanaging partnerDeloitte Luxembourg

The firm released the financial results as part of its annual Impact Report, which reflects its belief, as stated by Psaila, that “sustainable businesses must evaluate their performance from more than a financial angle”.

Deloitte says that the interactive online report “reflects the variety of actions taken by the firm and its professionals to foster sustainability and drive positive change for its clients, communities, and the planet.”

Mandatory sustainability training

These actions include what the firm says is a competitive reward model that recognises excellence and a modern flexible working approach “enabling Deloitte people to work from the place that matters in the moment that matters” as well as a range of upskilling and training opportunities. Indeed, this year the firm introduced a mandatory sustainability training that provides concrete guidance for making positive climate choices at home and at work.

Other initiatives include a Women In/To leadership network, a parenting programme, and the Globe LGBTQ+ and allies’ network.

The firm employs some 2,500 professionals, with 754 new joiners arriving in the 2022 financial year (1,048 including trainees). This year it also added 25 new partners to bring the total to 148, 29 of whom are women.

Deloitte Luxembourg sustainability leader Francesca MessiniFrancesca Messini says that she has been pleased to observe how particularly the younger generation of talent (the firm’s average employee age is 33) are attracted to companies “who actually deliver on sustainability”. This creates what she says is “an additional incentive for firms to act”.

Supporting local communities and Ukraine

But Deloitte Luxembourg also has focused on local impact beyond its own staff. As part of the global firm’s WorldClass mission, which aims to positively impact 100 million lives by 2030, it has pledged to help 19,000 people locally and internationally. “In today’s challenging world, the true measure of success for a firm like ours is better demonstrated in how we co-create a more prosperous tomorrow with all our stakeholders,” said Psaila.

We believe we have a responsibility in actively supporting the communities we live in
Francesca Messini

Francesca Messinisustainability leaderDeloitte Luxembourg

In the Impact Report, Deloitte Luxembourg said it has already achieved 49% of its 2030 target by reaching 9,386 individuals directly or indirectly since the start in 2019.

The firm focuses its support on local organisations involved in education, equality, and helping vulnerable people. "We believe we have a responsibility in actively supporting the communities we live in,” said Messini. “Luxembourg is home to many impactful organisations with whom we are proud to collaborate to help foster a more prosperous future--be it through education, climate protection, or support for the most vulnerable, both here and across the globe,”

Deloitte Luxembourg and its people have mobilised with other Deloitte firms across the continent to provide support to those directly affected by the war in Ukraine. A special task force was created to assist Ukrainian colleagues and their relatives in relocating and answering their most pressing needs. Additional help included monetary donations, and a fast-track process to welcome Ukrainian professionals seeking job opportunities.