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Grocery tech firm Eagle Eye has won a one-year contract with Tesco to power its personalised Clubcard challenges.

The group said the contract - which has an option to renew for an additional year, built on its existing relationship with the supermarket giant.

EagleAI Personalised Challenges is a digital platform allowing retailers to personalise promotions, providing customised challenges designed to reward incremental behaviour.

In-built AI and deep machine learning helps the technology give shoppers promotions more suited to them.

Following a successful trial, with a higher-than-anticipated participation rate, Tesco will roll out Personalised Challenges to more Clubcard members in the coming months under the name Clubcard Challenges.

The offering will power personalised and gamified offers and promotions to each individual Clubcard member.

Lizzie Reynolds, group membership and loyalty director at Tesco, said: “We are constantly looking for ways to make Clubcard work harder for our customers.

“With Clubcard Prices on around 8,000 products, it is saving customers up to £360 off the annual cost of their groceries. Personalisation is about using what we know about customers to make their experience better and our rewards more helpful and we’re very excited to see how our customers respond to Clubcard Challenges.”

Eagle Eye CEO Tim Mason added: “It’s a privilege to be working with Tesco, one of the world’s great retailers and an acknowledged leader in customer loyalty, to usher in its next stage of personalised promotions.

“This win underlines the power of the EagleAI solution, capable of creating and delivering millions of hyper personalised marketing messages, and our position at the forefront of personalised marketing.”

Shares soared in Eagle Eye as markets opened, climbing 8.1% to 508p.

Morning update

Ultimate Products has appointed a new non-executive chairman after former Poundland boss Jim McCarthy handed in his notice.

McCarthy will leave the homeware brands supplier on 31 July. He has been chairman at the owner of Salter since 2017, prior to the group’s IPO.

Ultimate said this morning that McCarthy had played an “instrumental” role in successfully steering the business through its first seven years as a listed company.

“The group has benefitted enormously from Jim’s vast experience in the fast-moving retail industry, given his previous positions as CEO of Poundland Group, managing director of Sainsbury’s Convenience and other senior roles in the sector,” a statement to the LSE said.

Ultimate has appointed Christine Adshead to replace McCarthy. She has been an independent non-executive director on its board since 2020.

Adshead is a former PwC partner, spending almost 20 years at the financial services firm.

McCarthy said: “It has been a privilege to be Ultimate Products’ chair over the last seven years, and I have thoroughly enjoyed playing a part in the ongoing success of this superb business.

“Having worked with Christine for over three years now, I know that she will make an excellent chair of Ultimate Products given her understanding of and support for the group’s culture, strategy and people. She is an immensely experienced and well-liked individual, and I am confident that she will help our newly appointed CEO, Andrew Gossage, and the wider team, deliver Ultimate Products’ next stage of growth.”

Adshead added: “I am thrilled to be taking over from Jim, who has done an outstanding job as chair of Ultimate Products since joining the business in 2017.

“Everyone connected with Ultimate Products owes him a huge debt of gratitude for the leadership, counsel and expertise that he has provided to the group during his tenure. I am looking forward to carrying on his excellent work at what is a hugely exciting time for Ultimate Products as it pursues its ambitious growth strategy to become the world’s best branded consumer goods business.”

Supermarket Income REIT has purchased a portfolio of Carrefour supermarkets in France through a sale-and-leaseback transaction €75.3m.

The portfolio is made up of 17 “strong-performing” omnichannel supermarkets, which weighted towards northern France and operate under the Carrefour Market brand.

Ben Green, director of Atrato Capital, the investment adviser to the real estate investment trust, said: “The transaction represents the company’s first investment in the €284bn French grocery real estate market.

“This accretive transaction is complementary to our existing portfolio, providing further tenant diversification and continues our strategy of investing in the future model of grocery.”

The FTSE 100’s record run continues, with the index up 0.4% to 8,175.78pts this morning.

Early risers in fmcg include Glanbia, up 3.4% to €18.10, and THG, up 1.8% to 65.2p.

Fallers include Naked Wines, down 2.5% to 52.5p, and Britvic, down 1% to 861p.

This week in the City

Tomorrow kicks off with a trading update for Coke bottler Coca-Cola HBC alongside the latest monthly BRC shop price index. Brewing giant Carlsberg will also follow Heineken to put out Q1 numbers, while over in the US Coca-Cola, Mondelez, Molson Coors, McDonald’s and Amazon all report.

The latest monthly Nielsen grocery sales figures are out on Wednesday morning, with consumer health group Haleon issuing its first-quarter update, along with high street bellwether Next and Domino’s Pizza UK. Kraft-Heinz will publish quarterly results in the US later in the day.

The UK local elections follow on Thursday.

The week ends with first-half results from newspaper distributor Smiths News.