Maritech eyes global expansion after strong 2021
Norwegian seafood software, analysis services and equipment supplier Maritech is focusing on international growth after a successful 2021, it said in a press release today.
Maritech Group increased EBITDA, a measure of operating profit, from NOK 1 million in 2020 to NOK 15 m in 2021. Annual recurring revenue increased by NOK 14 m, mainly driven by 60% growth in sales of SaaS (Software as a Service).
Chief executive Odd Arne Kristengård said 2021 was the year when Maritech turned a baseline loss into a profit, and the company’s internet cloud software and Maritech Eye technology got a foothold in the global seafood industry.
Mowi Consumer Products
Maritech Eye, developed with Norwegian seafood research institute Nofima and Norsk Elektro Optikk (NEO), is a hyper-spectral camera solution that uses complex algorithms to run automated, objective quality inspection of fish at industrial speed.
The system was installed at salmon farmer Mowi Scotland’s secondary processing plant at Rosyth, Fife, towards the end of last year.
“For our business here in the UK and in particular the Mowi brand, this gives us the ability to pre-select fillets based on a specification to reduce the manual intervention of removing blemishes once the fillets have been sliced,” said Gary Paterson, head of operations for Mowi Consumer Products UK, at the time.
“Furthermore, sorting by quality and providing objective information gives us the ability to allocate the material accordingly and allows us to utilise our resources more efficiently and effectively.”
A growing data platform
“We have only just started unleashing our growth potential,” said Kristengård in today’s statement from Maritech. “The global seafood industry is stronger than ever, and so is the global demand for healthy, sustainable food. Through our cloud platform, we can help our customers add value in new ways.
“An example is the recently launched Maritech Processing, integrated with our Maritech Purchase & Sales solution. For the first time, traders can now book production orders directly into the processing system; easy, efficient, and more sustainable – reducing waste.
“I would also like to mention the ongoing development of our data platform, which currently includes more than 37,000 measurement points and 1,150 million data values. Our data model is unique, structuring data from aquaculture and wild catch through the value chain to the market.
“We also see substantial potential for further growth within the transport and logistics segment, where we are recognised as the leader in Norway and have 90% of the Norwegian export of temperature-controlled goods running through our systems.
“We are now all set to ensure growth with strong margins, capitalising on our investments while continuing innovating and starting new initiatives. Our unique competence makes us the company in the world best equipped to deliver on the digital seafood value chain.”
International growth
Chief financial officer Thomas Brevik said last year’s overall revenue of NOK 154 m was smaller than planned, “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”.
He added: “We will continue our global expansion, and we will continue to capitalise on past investments through our strategy for 2021-2025.
“From 2022 to 2023 our focus will be cloud conversion and international growth, and we will lift our remaining products and modules to the cloud. From 2023 to 2025 we target to reach full SaaS and Cloud adoption through a full-range cloud offering, offered through standardised and optimised SaaS and recurring service models.
“We will become truly international as one global Maritech and be fully able to capitalise on our integrated offering across the seafood value chain.”
Maritech is owned by seafood investment fund Broodstock Capital AS, and has branches in six nranches in Norway, as well as branches in Iceland, North America and Chile.
