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Maritech Secures Increased Revenue and Profit in FY2023 Through Core Segment Growth

Maritech, a business software developer based in Molde, Norway, reported increased revenue, earnings, and profits in 2023, driven by growth across all core segments. Known for its seafood traceability and trading programs, including the Maritech Eye system for assessing and sorting salmon or whitefish, the company was acquired by CAI Software in February 2024.4o

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Maritech Secures Increased Revenue and Profit in FY2023 Through Core Segment Growth
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Maritech Reports Strong Financial Performance in FY2023 with Substantial Growth Across Core Segments
Molde, Norway-based Maritech has announced robust financial results for FY2023, reporting increased revenue, earnings, and profits driven by growth across all core segments. The company, which specializes in seafood traceability and trading software including the Maritech Eye system for assessing and sorting salmon or whitefish, was acquired by CAI Software in February 2024.
According to its FY2023 results, Maritech's revenue reached 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. The company also posted increased operating profits of NOK 15.2 million (USD 1.4 million, EUR 1.3 million), a significant rise from NOK 5.9 million (USD 551,000, EUR 513,000) the previous 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,” said Maritech CEO Odd Arne Kristengård 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's net profit increased to NOK 8.5 million (USD 795,000, EUR 740,000), up from NOK 1.2 million (USD 112,000, EUR 104,000) in FY2022. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 60 percent to NOK 31.3 million (USD 2.9 million, EUR 2.7 million), from NOK 19.6 million (USD 1.8 million, EUR 1.7 million) in FY2022.
Kristengård highlighted the successful adoption of Maritech’s logistics software, Maritech Cloud, across various segments of the seafood industry, including salmon farming 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 annual report featured notable customers such as 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 added. “We continue to convert our customer base to Maritech Cloud and have signed agreements with some of our largest and most strategic customers.”
Looking ahead to 2024, Kristengård expressed high expectations for continued success, noting that the company has started the year with one of its best quarters ever. Maritech CFO Thomas Brevik reported a 20 percent year-over-year revenue growth 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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