Maritech, a provider of software and analytic tools to the seafood industry, reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of NOK 15 million (USD 1.6 million, EUR 1.5 million) in 2021.
The Molde, Norway-based firm, which operates the DigitalSeafood cloud-based platform and which recently acquired the Sea Data Center, was in the black a year after reporting losses of NOK 18 million (USD 1.9 million, EUR 1.8 million) in 2020, according to its annual report. It reported a 21 percent upswing in its digital revenue, which was responsible for the bulk of its growth.
“A year to be proud of. This is what first comes to my mind when looking back on 2021. A year our cloud software and Maritech Eye got a foothold in the global seafood industry,” Maritech CEO Odd Arne Kristengård said in a press release. “[We hit] important milestones for us and our investors, that everyone in Maritech has worked very hard to reach.”
The company’s overall operating revenue reached NOK 154 million (USD 16 million, EUR 15.1 million) in 2021.
Maritech recently launched Maritech Processing, a new product that integrates with its purchase and sales solution, allowing seafood traders to book production orders. The company also got a boost on 27 April, when it announced land-based farmer Salmon Evolution had chosen Maritech’s DigitalSeafood cloud software to handle its sales and trading.
“Maritech was a natural choice for us,” Salmon Evolution CCO Odd Frode Roaldsnes said. “We are cooperating closely with Vikenco, who will handle all packing and processing of our land-based salmon, and we target seamless integrations between our systems and their production, packing, and processing solutions. We believe in digitalization, and sharing the Maritech platform with Vikenco will enable an efficient dataflow that will give us valuable insights about our high-quality land-based salmon and how we continuously can improve product quality. And [it will help] our sales department’s efficiency when we connect new trading and documentation tools.”
Maritech CFO Thomas Brevik said the company is well-positioned for further growth in 2022 and beyond.
“Regarding revenue, we are behind, but when we adjust for the loss of non-strategic revenue and COVID-related issues on lack of hardware components, we are on plan, or maybe even slightly ahead, on our strategic revenue,” Brevik said. “We will continue our global expansion, and we will continue to capitalize on past investments through our strategy for 2021 to 2025.”
The company expects to increase growth through its transport and logistics segment, as well as cloud conversion and international growth. Maritech recently announced a North American expansion and plans to transfer its remaining modules and products to the cloud.
Photo courtesy of Maritech
