“Our focus on client centricity, innovation and people has served as the right recipe for us and our clients,” said David Capocci, managing partner at KPMG Luxembourg, announced the firm’s annual results of the financial year 2023. Photo: Romain Gamba / Maison Moderne

“Our focus on client centricity, innovation and people has served as the right recipe for us and our clients,” said David Capocci, managing partner at KPMG Luxembourg, announced the firm’s annual results of the financial year 2023. Photo: Romain Gamba / Maison Moderne

KPMG Luxembourg released its 2023 financial results on Thursday, surpassing €300m in revenue for the first time.

KPMG Luxembourg revealed its 2023 fiscal year results on 14 December, reporting a 16% revenue increase in its core functions: audit, tax and advisory. During the fiscal year from 1 October 2022 to 30 September 2023, the firm booked €319m in revenue, a notable jump from the previous year’s €276m.

The firm the previous fiscal year.

Audit practice

At €166m revenue, KPMG Luxembourg’s audit practice recorded growth of 22%, thanks to client trust and the continuous evolution of its smart audit platform, KPMG Clara, the company in a press release. This platform adapts to changing demands, integrates existing audit tools and introduces new digital capabilities.

Tax services

KPMG Luxembourg’s tax services experienced a 14% growth, reaching €73m, driven by increased demand for tax compliance and fund taxation services. The need for expertise in cross-border transactions, transfer pricing and dispute resolution has grown significantly, stated KPMG.

Advisory practice

KPMG Luxembourg’s advisory practice brought in €80m in revenue, reflecting a 7% growth, with corporate finance leading the way with a 50% increase over two years. This growth was spurred by interest rate hikes in 2023 and the financial sector’s consolidation trend, explained KPMG. The firm pointed to good performance in valuation services for large alternative funds, transactional support, mergers and acquisitions, and due diligence activities.

, managing partner at KPMG Luxembourg, credited the firm’s success to strategic choices centered on client-centricity, innovation and people development. He emphasised, in the company’s announcement, the importance of agility and maintaining high-quality work in a rapidly changing business landscape. Capocci highlighted KPMG’s investment in digital transformation as a key factor in supporting growth.

In July, KPMG announced a partnership with Microsoft to enhance its services with AI. The collaboration aims to boost innovation and improve client services in its audit, tax and advisory segments.

KPMG Luxembourg is committed to environmental, social and governance principles, as evident in its operations and support for clients’ ESG goals, stated KPMG. The firm’s plans to construct an innovative headquarters at Kirchberg reflect its dedication to a sustainable workplace, added the press release.

, head of sales and markets at KPMG Luxembourg, underscored the importance of a client-centric approach. He highlighted the firm’s commitment to understanding clients’ needs and fostering innovation, trust and valuable feedback in both favourable and challenging times.

As of September 2023, KPMG Luxembourg employed 1,862 individuals.

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