Operating profit at Irish engineering group Mincon plummeted by 31 per cent to €10.3 million last year, despite rising revenues.

Revenue for the year rose 4 per cent to €54.5 million, which was in line with the company’s estimates.

Operating costs for the year increased by €2.5 million (23 per cent) to €13.2 million primarily due to three acquisitions in August.

EBITDA was €12.4 million, and due to a better-than-expected tax rate, profit after tax was slightly better, at €9.3 million.

"The Mincon Group has delivered another strong performance in 2014 despite the downturn in the mining industry and the challenges faced by certain markets that we serve," chief executive Kevin Barry said.

The Clare-based company, which specialises in the design, manufacture, sale and servicing of rock drilling tools and associated products, also announced Mr Barry is retiring from the role of CEO.

Having joined the company in 1984, Mr Barry became CEO in 1990, overseeing the company’s international expansion and IPO in 2013.

The company closed 2014 with a net cash position of €41.6 million, up from €41.2 million at the end of Q3.