John Parkhouse

Chief executives of Luxembourg firms are more worried about the long-term prospects for their businesses than their counterparts in other countries, according to a new survey presented on Wednesday by consultancy firm PwC.

The survey showed that only 51 percent of Luxembourg CEOs believe that their company will be economically viable for more than ten years if it continues running on the current path, compared to 59 percent of global CEOs.

Francois Mousel has been elected as managing partner at PwC Luxembourg to succeed John Parkhouse from next July, the firm announced on Monday.

Parkhouse’s second four-year mandate will come to an end next year. During his tenure, the firm’s turnover rose to 543 million euro in the fiscal year ended 30 June 2022, from 315 million euro in 2014. During that period, PwC Luxembourg added approximately 600 staff, employing 3100 people at the end of last June. PwC is the largest among the big four auditors and consultants in Luxembourg.

Despite challenging market conditions, PwC Luxembourg, the biggest professional services firm in the grand duchy, on Tuesday reported an 11 percent increase in net revenues for its latest fiscal year, pushing its turnover “comfortably’ past the half-billion euro mark. 

For Luxembourg, the consultancy firm reported a turnover of 543.3 million euro for its fiscal year ended 30 June, buoyed by 13.9 percent growth in advisory services, in particular for alternative investments. Assurance sales rose 10.6 percent and tax by 9 percent.