Fife payment solutions group Ingenico saw revenue fall by more than £40 million last year.
The Dalgety Bay firm has more than 32 million payment terminals across more than 170 countries.
Its chip and pin contactless technologies have been adopted by a number of major banks, and retailers.
Turnover at Ingenico fell to £87.5m for the year ending December 31 2020, down from £127.6m in 2019.
Pre-tax profits also fell from £23.8m in 2019 to £11.2m last year.
‘Significant’ impact of Covid-19
In his strategic report, published alongside the accounts, director Kashif Sharif said revenue from continued operations fell by 13.4%.
He said: “In 2020, the company maintained its leading position in payment terminals in northern Europe with the continued roll out of its latest product and solution range.
“Significant new business was won during this time with major retailers and distribution companies.”
Mr Sharif said the Covid-19 had a “significant impact” on the firm’s customers.
“This led to reduced revenues for the financial year,” the director added.
The report adds the Fife firm has been working with its customers to ensure a “business as usual” approach.
Ingenico also froze recruitment salary increases to mitigate the impact of the pandemic.
The strategic report said “all discretionary expenses, including travel costs, were stopped.”
Staff numbers down at Ingenico
Average staff numbers at the firm dropped from 481 in 2019 to 399.
That saw a drop of 83 production related roles, from 360 to 277.
Its administration staff numbers more than doubled, up to 81 from 37 in 2019, and 41 in distribution – down from 84.
As a result, the wage bill dropped from £18.2m in 2019 to £13.2m for the reporting period.
The firm is focused on its post-Covid recovery this year.
The report says Ingenico will be “working collaboratively with our suppliers and customers to enhance and drive the future of payment services.”
The Fife operation at Donibristle Industrial Park is the group’s Northern Europe headquarters.