Norwegian traceability and business software developer Maritech saw its revenues increase by 19.7 percent in 2018.
A recent update from Maritech revealed that the company’s revenues jumped from NOK 69.7 million (USD 8.2 million, EUR 7.2 million) in 2017 to NOK 83.3 million (USD 9.8 million, EUR 8.6 million) in 2018, the “result of successful strategic planning,” according to the company’s CEO Janne T. Morstøl. Earnings before interest, tax, depreciation, and amortization (EBITDA) for Maritech in 2018 reached NOK 7.5 million (USD 882,745, EUR 780,988), the company said.
Morstøl attributed Maritech’s 2018 accomplishments to the firm’s steadfast approach to its overarching goals.
“Our aim is to extend the functionality of our software solutions, cover a wider range of the seafood value chain, and expand geographically. During the past year we have successfully advanced in all of these goals,” Morstøl said in a press release.
Major highlights for the company last year included its launch of the IoT-solution, as well as Maritech Analytics and the Innovation Lab, Morstøl said.
With a competent analytics team in place, Maritech was able to recently roll out its new DGS Analytics tool, “which gathers information from all parts of the Maritech Trading system, streamlines reports, and increases operational insight while improving decision-making capabilities,” the company said. Coast Seafood has been an early adopter of the platform, Morstøl noted.
Maritech’s freshly-formed partnership with Icelandic Sea Data Center also brought about a milestone for the company in 2018, promoting international expansion, the firm said. Montreal Fish, a leading Canadian salmon importer to the North American market, also broadened Maritech’s international network when the supplier adopted Maritech Trading into its operations.
“Our software solutions are tailor made for the global seafood industry, and more and more customers improve their businesses using our solutions,” Morstøl said.
Maritech’s Innovation Lab – a facility aimed at exploring the use of new concepts and technologies such as IoT, big data, business intelligence, electronic cooperation, automation, machine-leaning, artificial intelligence, augmented reality, and blockchain to evaluate and advance cutting-edge technology for the seafood sector – made its debut last year, and will continue to play a big role in the company’s growth moving forward.
“Maritech has a long history in implementing groundbreaking research initiatives. By establishing an innovation, lab we continue to focus on development and distribution of modern solutions that increase profit,” said Morstøl.
Maritech’s current strategic plan is “on track” in 2019, the company said.
