The head of a Bradford technology firm says the loss of financial confidence caused by the recession continues to prevent customers signing new orders.

John Kembery, chairman of Belgravium Technologies, which produces data-tracking computers for several industries, described market conditions as ‘frustrating’.

Belgravium manufactures and installs real-time data capture systems in the logistics, petrochemical and mobile retailing markets.

Mr Kembery said: “There is a very real need for such systems, either to improve operating costs, efficiency or turnover. “We rarely have to convince operating management of these advantages but it has proved increasingly difficult, in the current economic climate, to gain financial authorisation for what are usually seen as capital projects.”

In the year to December 31, Belgravium, based on the Listerhills Business Park, increased pre-tax profits to £405,000 from £398,000 the previous year. Revenues dipped slightly to £8.23m from £8.3m in 2008.

Cash generation of £244,000 enabled the company to reduce its debts to £1.4m.

Mr Kembery said: “I am pleased to report that Belgravium has met its strategic business objectives while delivering a profit in line with market expectations and reduced net debt. This is a particularly pleasing outcome given the worldwide loss of financial confidence which has affected all of our markets throughout 2009.”

During the year, productivity had been improved, and Belgravium is planning to recruit more staff in technical areas once sales pick up Last year, Belgravium signed a multi-million pound deal to supply equipment to divisions of leading European liquid gas company SHV, which owns the Calor and Prima brands.

It also clinched a major contract for SHV’s distribution company in Italy and had several orders pending in other countries which are awaiting authorisation.

Mr Kembery said: “We have made progress with other petrochemical companies on several promising contracts across Europe and some smaller outlets in the UK, incorporating continual refinement and improvement of our purpose-built products. There is a lot of opportunity in this sector but the selling process is protracted.”