The fall in revenue was revealed in LM's annual results. The company blamed the drop on the difficulty in wind developers getting credit to launch new projects.
Revenue figures also include five months contribution from Svendborg Brakes, the brake manufacturer LM acquired. Stripping this out would increase the revenue fall to 16%.
LM said savings were made through restructuring, efficiencies in terms of waste and production and a fall in the cost of raw materials.
Roland Sundén, CEO of LM Wind Power said: "Throughout LM Wind Power's three operational areas, blades, brakes, service and logistics, we adjusted to changing demand patterns. We focused on improving operational efficiency, while developing new technologies and product solutions for the future.
"It is clear that Asia's, and especially China's, role in the wind industry will be increasingly significant in the years ahead while challenges remain in the US, Europe and India.
"Our priorities in 2009 were to streamline our capacity in Europe in line with demand, securing our presence in the North American market, while ramping up to respond to the extraordinary strength of the Chinese market."