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The RICS made a loss of close to a million pounds in the year to the end of July 2011, its latest accounts reveal.

The RICS group 鈥� which says it is prepared to be in deficit for the next few years as it invests for the longer term - made a loss of 拢863,000 over the period, a 37% fall compared with the 拢1,372,000 loss in the previous 12 months and a 鈥渂etter than planned鈥� result according to its accompanying financial statement.

Total income from subscriptions also grew in the period to 拢37m from 拢34m last year, partly achieved through membership growing by around 2,000 outside the UK which resulted in an increase in subscription income worth almost 拢1m.

The group鈥檚 financial statement also pointed to 鈥渃hallenging economic conditions鈥� in some markets, which resulted in RICS revenues being 拢540,000 less than planned and resulting 鈥渃ost savings鈥� being made.

Summarising the results, the statement added: 鈥淭he group is undergoing a period of prudent investment aimed at accelerating its long-term vision. As such, it is prepared for a period of controlled financial deficits over the next few years before it expects to see a return on these investments and return to operating at close to break-even.鈥�

However, the returns from the RICS鈥� investment portfolio remained broadly unchanged with the UK鈥檚 low interest rate resulting in 鈥渕arginal interest鈥� on short term cash deposits.