Strong strategic growth in 2021

We are pleased to share our financial results for 2021, revealing strong growth in profitability, SaaS, and strategic revenue.

60 % SaaS growth

In 2021, we continued our investments in innovation, international expansion, and our cloud-based platform, Maritech Cloud, in addition to strengthening the organization for further growth. Focus on profitability and professionalization of the organization led to a positive EBITDA of NOK 15 MNOK for the year, increasing from 1 MNOK in 2020 (Group).

The Maritech Group operating revenue for 2021 was NOK 154 million (148), a growth of 4%. The modest revenue growth is primarily related to a decision to reduce non-strategic revenue. The growth in strategic revenue was significant with an increase of NOK 14 million in ARR (Annual Recurring Revenue) from last year, equivalent to a 21% growth which is mainly driven by growth in SaaS (Software as a Service, recurring revenue) of 60 %.

Extensive potential

“A year to be proud of. This is what first comes to my mind when looking back on 2021,” says Odd Arne Kristengård, CEO. “The year we turned -18 MNOK into black numbers – and the year our cloud software and Maritech Eye™ got a foothold in the global seafood industry. Important milestones for us and our investors, that everyone in Maritech has worked very hard to reach.

“And – we have only just started unleashing our growth potential. 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.

Odd Arne Kristengård, CEO

Maritech CEO, Odd Arne Kristengård

New data platform

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 recognized as the leader in Norway and have 90 % of the Norwegian export of temperature-controlled goods running through our systems.

Onwards, we are now all set to ensure growth with strong margins, capitalizing 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.”

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Full cloud adoption by 2025

“We are now ahead of our plan when it comes to margins,” says Thomas Brevik, CFO.  “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. We will continue our global expansion, and we will continue to capitalize 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 standardized and optimized SaaS and recurring service models. We will become truly international as one global Maritech and be fully able to capitalize on our integrated offering across the seafood value chain.”

Read our new annual report here.

Thomas Brevik, Maritech CFO