Core segment growth secured increased revenue, profit for Maritech in FY2023

Maritech CEO Odd Arne Kristengård and Maritech CFO Thomas Brevik
Maritech CEO Odd Arne Kristengård and Maritech CFO Thomas Brevik | Photo courtesy of Maritech
4 Min

Molde, Norway-based Maritech reported increased revenue, earnings, and profits in 2023 thanks to growth across all of the company’s core segments. 

A business software developer, Maritech produces seafood traceability and trading programs, including technology like the Maritech Eye – a system that can assess and sort salmon or whitefish. The company was acquired by CAI Software in February 2024.

According to its FY2023 results, the company saw revenue of NOK 195.8 million (USD 18.3 million, EUR 17.1 million), up 6 percent from NOK 185.4 million (USD 17.3 million, EUR 16.2 million) in FY2022. Along with increased revenue, the company also posted increased operating profits, which reached NOK 15.2 million (USD 1.4 million, EUR 1.3 million), up from NOK 5.9 million (USD 551,000, EUR 513,000) year over year. 

“Our revenue streams have seen substantial growth over the past year. In all core segments, customers have made significant investments in our applications and data platform, alongside various other initiatives,” Maritech CEO Odd Arne Kristengård said in the company’s annual report. “Every month, we have signed several new contracts, thanks to strong efforts and persistence from our sales and marketing team and everyone else involved in our sales processes.”

The company posted a higher net profit of NOK 8.5 million (USD 795,000, EUR 740,000), up from NOK 1.2 million (USD 112,000, EUR 104,000) in FY2022, and its earnings before interest, taxes, depreciation, and amortization (EBITDA) also increased to NOK 31.3 million (USD 2.9 million, EUR 2.7 million) in FY2023, up 60 percent from the NOK 19.6 million (USD 1.8 million, EUR 1.7 million) it posted in FY2022.

Kristengård said that in 2023, the company’s investments in its logistics software Maritech Cloud began to pay off as it became adopted throughout multiple parts of the seafood industry, including in the salmon-farming industry and the pelagic segment.

“We have proven its success with satisfied customer references in all core segments,” he said. “The significance of our logistics offering is more apparent than ever. As the first transporters have successfully gone live in the new Maritech TMS, we have experienced considerable interest from the market."

The company highlighted a number of it customers in its annual report, including Nova Sea, Nordlaks, The Kingfish Company, and Lund’s Fisheries.

“We have experienced high activity in our strategic markets – both from new and existing customers,” Kristengård said. “We continue to convert our customer base to Maritech Cloud and have signed agreements with some of our largest and most strategic customers.”

Kristengård said looking forward to 2024, the company has “high expectations” for good results, and the company has kicked off the year with one of its best quarters ever. Maritech CFO Thomas Brevik said the company began the year with revenue growth of 20 percent year over year in the first quarter.

“We are experiencing steadily increasing interest in our solutions globally, and we have secured several new logos,” Brevik said. “With large ongoing strategic projects and an order book extending throughout the year, the outlook for 2024 is promising.”

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