EY touts strong growth and new Cloche d’Or plans

EY Luxembourg on Wednesday posted record revenues for 2024 of over €416 million and announced plans to open a new office in the Cloche d’Or business district of Luxembourg City.

The Big Four accounting and auditing firm EY Luxembourg recorded a 13% growth for its 2024 financial year ending in June, according to its 2024 annual report, which was originally expected in November but delayed to this Wednesday.

All four divisions of EY Luxembourg grew last year year, with revenues from audit increasing by 16.2% and consulting by 16.4%. Strategy and transactions meanwhile grew by 12.9% and tax by 12.7%.

“You know, firstly I think 13% is great. But if you’re consistent everywhere, it is even better,” Olivier Coekelbergs, country managing partner of EY Luxembourg, told the Luxemboug Times. “From my perspective, it shows we have had the right strategy everywhere, in all service lines; whether it’s audit consulting, tax or transaction. It’s a very good year.”

EY released its results on the same day as competitor Deloitte Luxembourg. Neither firm disclosed profit levels.

EY has also announced that it plans to open a new office in the Cloche d’Or business district of Luxembourg City. “Today, you have two business centres of Luxembourg City: Kirchberg, where we are, and Cloche d’Or. We said, ‘okay, it might be worth having also a physical presence there’. This has been the main driver: really having proximity with all our clients,” Coekelbergs said. “If there had been more square metres available here [in Kirchberg], we still would have gone to Cloche d’Or because we want to be located in both areas.”

The 8,000 square-metre premises will be rented from this December and will house staff from Q3 2025 – up to 450 in total. EY will be the only Big Four firm to be physically present in both main business districts.

“No solution is perfect. We still need to determine the operating model. It’s very early stage, but our plan is to use the new site to improve connectivity,” the managing partner said. “The tram is there, so physically going from this site to the other one is something which can be done quite easily. It is a bit of a challenge, but we want to use that new building to improve connectivity with our clients and also within our teams.”

EY Luxembourg employed 910 new hires in the year to June end and promoted 390 people – including 17 to partner level.

Coekelbergs said the company struggles less than some others in recruitment and retention and that it is not considering outsourcing or “off-shoring”.

Big Four competitor PwC Luxembourg this year opened a new office in Portugal – something that the company says will support its talent attraction prospects in the Grand Duchy as well.