The Pebble Group, a U.K.-headquartered firm that’s parent company to promo software solutions provider Facilisgroup and global distributor Brand Addition (asi/202515), released a trading update on Jan. 18 that said its total 2023 sales are likely to be down about 7.5% compared to the prior year.

The Pebble Group’s drop from 2022 revenue of £134 million to £124 million was a direct result of an £11.4 million decline in sales at Brand Addition, which does business in the United States, Europe and beyond. Brand Addition revenue will be about £106 million, or in the neighborhood of $135 million in today’s U.S. dollars.

“This decrease in revenue (at Brand Addition) has been driven principally by the spend of our technology and consumer clients, whilst revenue from our engineering and transport sector clients has been more robust,” The Pebble Group said in a statement. “Client retention continues to be high.”

The Pebble Group is publicly traded in the United Kingdom and typically reports sales figures in British Pounds Sterling.

While Brand Addition was down, Facilisgroup’s sales were up in 2023, according to The Pebble Group’s January trading update.

The company noted that Facilisgroup’s sales rose nearly 8% to $22 million year over year, giving the figure in U.S. dollars for the Missouri-headquartered company that does its business in North America. Facilisgroup is a software-as-a-service provider and partnering community for the promo industry.

Across both of its businesses, The Pebble Group is expected to have generated adjusted earnings before interest, taxes, depreciation and amortization of about £16 million in 2023, down from £18.0 million.

Finalized, fully audited results from The Pebble Group are expected to be released publicly in March.