EY Luxembourg achieves record double digit growth

EY Luxembourg grew 12 percent during the last financial year, with the Grand Duchy's practice recording earnings of 147.3 million euros.

Announcing the results, EY Luxembourg Managing Partner Alain Kinsch said that it marked a record for the firm, which recorded growth of around 6 percent during the last three years, “and that was already a strong performance in a difficult economic environment,” he said.

Mr Kinsch explained that the firm's tax services recorded the highest growth rate during the 2012-2013 fiscal year, with revenues up by 16 percent. He suggested this was largely down to investment made in areas including International Tax, Transfer Pricing, VAT Human Capital Tax and transaction related tax services.

The audit practice, meanwhile, achieved a 12 percent growth, securing EY's place as the second largest audit practice in Luxembourg when measured by revenues.

EY's advisory activities remained stable and a return on investments in this area is expected during the coming financial year.

EY Luxembourg currently has 1,100 employees, a figure which has risen by more than 100 in a year. Recruitment is expected to become a priority this tax year as 150 juniors began in September and a further 150 more experienced staff are expected to be hired.