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Eurazeo, one of Europe’s largest listed private equity groups and owner of Europcar and Moncler, has posted a 5.3 per cent increase in revenues to €4.3bn.

But the group saw profits affected in portfolio company Fintrax, which offers VAT refunds, as a result of the drop in the British pound.

Revenues in Fintrax were up 5.6 per cent over the year but would have risen 8.4 per cent were it not for the drop in the value of sterling.

Philippe Audouin, the company’s chief financial officer, said Eurazeo was staying clear of financial services in the UK because of the risks linked with Brexit.

The buyout group bought more than it sold in value terms (rather than number of deals) last year – at €1bn compared to €833m – as a reflection of a sellers market and it launched a new €500m fund to pursue its own co-investment.

It also invested in new asset classes, including asset management, which it regards as a highly cash generative business.

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