Fiscal year 2022

KPMG Luxembourg announces revenue of €276m, 8% growth

“Investing in our people will remain critical in a competitive marketplace for talent,” said David Capocci, managing partner at KPMG Luxembourg. Photo: Romain Gamba/Maison Moderne/Library photo

“Investing in our people will remain critical in a competitive marketplace for talent,” said David Capocci, managing partner at KPMG Luxembourg. Photo: Romain Gamba/Maison Moderne/Library photo

KPMG Luxembourg on 16 February announced revenue of €276m and growth of 8% in audit, tax and advisory for the 2022 fiscal year. The firm, which employs 1,804 people in the grand duchy, will continue to focus on their clients, innovation and their employees.

For the fiscal year ending 30 September 2022, KPMG Luxembourg saw its revenue grow to €276m, an 8% increase from €257m in 2022. The company saw the greatest amount of revenue and growth in their audit business--€136m during the 2022 fiscal year, which corresponds to a 12% increase from last year. The advisory contribution came next, with €75m of revenue, or 5% of growth, followed by €65m of revenue from their tax business (an increase of 2%). KPMG Luxembourg attributes its results to the “significant market growth of the private assets business,” as noted in their press release. Their announcement is the last of the Big Four--PwC announced its annual results in October 2022, Deloitte made its announcement in November 2022, EY also announced its results in November.

“Our ambition is clearly to be a market leader on selected services such as managed services for private and liquid assets but also for banking and corporate/public sectors,” said KPMG Luxembourg managing partner David CapocciDavid Capocci. He highlighted the role investments in technology, local and global knowledge and an improved working environment played in the company’s growth.

“Investing in our people will remain critical in a competitive marketplace for talent,” said Capocci, explaining some of the steps the company has taken, such as ensuring that their employees have the right tools to develop their skills, launching a well-being strategy and expanding the availability of online training courses. “Our people are our most precious asset,” he added.

The firm also invested more than €10m in 2022 in technology and employees to “review and automatise” internal processes, allowing employees to “focus on value-added activities,” and has two “flex offices” for cross-border workers, located in Belval and Windhof. They plan to open an additional one near the German border.

Looking ahead

In 2023, KPMG Luxembourg will focus on the development of “service offerings that will help our clients concentrate on their core business,” said Stanislas ChambourdonStanislas Chambourdon, head of sales and markets. “Another game changer for the auditors is the transformation of the audit experience for both our clients and our teams.” The firm is investing in a cloud-based audit methodology and workflows platform called KPMG Clara, and aims to improve their clients’ experience based on client feedback.

“The appointment of Chrystelle Veeckmans and Yves Courtois as KPMG EMA head of asset management and KPMG EMA head of managed services respectively, further strengthens our position as a central hub in EMA [Europe, Middle East & Africa] and will allow us to expand our solution offering internationally,” said Capocci, explaining how Luxembourg can play a significant role.

The company has hired more than 20 leaders to “bring a pragmatic and forward-looking perspective and to boost the firm’s creative and innovative drive to deliver impact for the firm’s clients,” and is working to develop “strategic alliances and outsourcing solutions,” said Capocci.