KPMG Luxembourg on Thursday said its revenue increased a steady 8 percent last year, buoyed by a “significant” market growth in private assets. The firm reported revenues of 276 million euro for last year.
A little less than half of that business - some 136 million euro - stemmed from KPMG’s audit practice, which saw growth of 12 percent. The firm’s tax practice generated 65 million in revenue, up 2 percent. KPMG’s advisory business in Luxembourg saw revenue increase 5 percent to 75 million euro last year.
“During continued economic and geopolitical uncertainty, robust numbers and consistent growth were achieved thanks to a combination of high-level investments in technology, connected knowledge, both local and global, and an improved working environment to better nurture our talent,” said David Capocci, managing partner at KPMG Luxembourg, in a statement.
“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,” he said, without elaborating further on the objectives.
Investing in tech and people
Capocci said the firm last year invested more than 10 million euro in technology and people. This “to not only develop business capabilities but also to review and automatize our internal processes so that our people focus on value-added activities that boost quality,” he said, adding that this effort helped KPMG reduce non-core tasks by 20 percent.
“This is only the start of the journey,” said Capocci. “Investing in our people will remain critical in a competitive marketplace for talent. Employees increasingly seek value and purpose at work, therefore a key focus of our strategy is to offer a work environment that inspires our teams to collaborate.”
In Luxembourg, KPMG, just like other consulting firms, banks and financial institutions, finds itself in a market where attracting and retaining talent has become a critical factor for future-proofing the business. Capocci, in the firm’s press release announcing its 2022 revenue performance, underlined the firm’s attractiveness for employees.
New flex offices opened
“According to our annual Global People Survey, more than 80% of our people consider KPMG a great place to build their career, and a clear majority would recommend the firm as a very good place to work,” Capocci said. “While we’re proud of this achievement we acknowledge that we cannot rest on our laurels and will keep improving our conditions and processes further.”
KPMG Luxembourg recently opened two new flex offices in Luxembourg, in Belval and Windhof, for its cross-border workers. It plans an additional one at the German border.
The Big Four firm employed 1804 people at the end of last year, compared to 1,700 at the end of 2020. Worldwide, it had more than 236,000 people working in member firms.