Maritech delivers strong sales, revenue and earnings growth in 2017
Maritech reports strong sales growth in 2017, with revenue growth of 16.8 %, reflecting the increasing push towards digitalization in the Norwegian seafood sector.
Maritech, a recognized leader in developing software solutions for the seafood sector, today reports revenue for 2017 of NOK 69,7 million, representing a 16.8 % revenue increase in local currency terms or USD 8,9 million. After a challenging year with negative results in 2016, Maritech is now firmly on a positive footing with EBITDA of NOK 9,9 million and EBIT of NOK 6,5 million, an impressive achievement which also confirms the strengthening of the trend towards digitalizing and streamlining processes in the seafood sector overall.
“Cloud solutions development as well as strong performance by Maritech’s core trading software solutions have fueled what has been a landmark successful year for the company, says Janne T. Morstøl, Maritech’s CEO. “ Our strategy of expanding within the seafood value chain with enhanced digital functionality tailored for the seafood sector continues to be a source of competitive strength. In 2017, we launched our first Digital Seafood products in the public cloud and had our first customer wins in Europe. We expect further growth in 2018 with the roll out of new, cloud-based digital trading tools aimed at seafood processors, traders and brokers in the global seafood market.”
The 2017 acquisition of Lillebakk Engineering, a fast-growing Norwegian company focused on Industrial IoT (Internet of Things), was a significant milestone for Maritech. Another milestone was the launch of the innovation project for digitalization of Norwegian seafood transport in cooperation with Timpex and with the pilot customers Coast Seafood and Cermaq Norway and logistics provider DB Schenker. A new management team (CEO, Commercial Director, and Director of Finance and Business Management), coupled with significant investment from Broodstock Capital, who purchased 52 percent of the shares in Maritech in December, 2017 as part of their strategy of targeting market leaders in high growth niches within the seafood sector, has also bolstered Maritech’s positive market position.
New software sales have been especially strong in the Norwegian seafood sector. Most recently seafood startup challenger, Norwegian Fish Company, has begun using Maritech Trading solutions. Other new and upgrading customers include Icemar Seafood, Br. Andreassen, Pelagia Shetland, Mathias Bjørge, Viking Delights, Profika, Seafood Tromsø, Nordøy Sea, Arctic Catch, Lyngen Reker, Njord Seafood, and Vesteraalens. In addition, the company has won projects in Europe such as with Arnarlax, the largest farmer and producer of quality salmon in Iceland. Maritech expects even stronger sales in 2018 as the seafood sector continues to embrace new technologies for efficient and sustainable seafood production.