A Fife mechanical solutions provider saw sales cut by nearly a third in the past 12 months.
Trend Technologies, which specialises in metal stamping, metal fabrication and injection moulding, saw its turnover fall by £3.5 million.
Recently published accounts show that sales fell to £7.9m for the year ending 31 December 2020.
That is down from £11.6m for 2019.
The firm reported a 31% drop in sales from 2019 and after-tax losses of over £41,000.
The company, which operates from a 75,000sq ft base in Glenrothes also reported after-tax losses of over £41,000.
Reduced demand
Company president Brian Dickstein said Covid-19 is to blame for the drop in figures.
He said: “The company suffered a drop in orders and turnover due to the Covid-19 pandemic.
“Social distancing and other preventative measures introduced have provided employees with a safe working environment.
“Customers working in the medical and financial services markets were classed as essential under government guidelines.
“The facility has remained open to support these businesses albeit with reduced demand.”
Trend Technologies directors ‘satisfied’
The firm, whose corporate headquarters is in California, has a global reach with 10 plants in nine countries, including the United States, Slovakia, India and China.
The company operates across a broad range of industries, including the automotive sector. It provides everything from key fobs to reinforcement plates.
In healthcare and life sciences, it provides disposable equipment including syringe barrels and wound care products, as well as instrumentation including genomics and mass spectrometry.
Trend Technologies also has expertise in the renewable energy and energy generation and storage sectors.
The average monthly number of employees over the reporting period was 105, a drop of 13 from the previous year.
However Mr Dickstein remains confident the firm will bounce back.
His report added: “The directors are satisfied with the results for the year given the economic circumstances and the continued effects of the Covid-19 pandemic.
“The directors anticipate orders and sales will improve in 2021 and return to profit for the 2021 year.”