(Alliance News) - Promotica Spa announced Tuesday that its board of directors has reviewed and approved preliminary consolidated revenues for 2023, which are in the range of EUR84 million to EUR85 million, which compares with EUR89.9 million as of Dec. 31, 2022.

The decline, the note says, "reflects the shift, due to the shift in consumer preferences to more product categories, of part of the premium deliveries of a major campaign to the early months of 2024." As a result of this dynamic, there was a growth in sales for the first two months of 2024 for Promotica alone of more than 230 percent year-on-year.

During 2023, the company managed a total of 318 promotional campaigns, compared to 272 campaigns in 2022, with an average campaign value of about EUR182,000 and total prizes paid out of 13.2 million pieces. Customers increased from 129 in 2022 to 169, and Promotica used 150 suppliers, including 10 with exclusive contracts.

The board also adopted an existing framework resolution between the company and related party IVV Italia Srl, identified as such because Promotica CEO Diego Toscani, through Dieci.Sette Srl holds 74.43 percent of Promotica and 100 percent of IVV Italia.

The framework resolution relates to the supply by IVV Italia of tableware products made of glass and related items, household items, knives and related items, as well as gift items and furnishing accessories, for the maximum total amount over 12 months of EUR4.0 million. The new supply contract will be valid from March 6, 2024, until March 5, 2025.

Specifically, Promotica for its promotional, loyalty and loyalty program activities intends to make use of the products supplied by IVV Italia, marked by the "IVV" brand for which it holds the license to use.

Promotica's stock closed Tuesday up 2.8 percent at EUR2.20 per share.

By Chiara Bruschi, Alliance News reporter

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