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The International Rugby Board has revealed that its ambitious £48 million Global Strategic Investment programme has helped maintain the game’s impressive growth levels.

Despite statistics showing that gross revenues were down by approximately 12%, a careful cost cutting exercise across all sectors of the IRB Group secured a reduction in operating costs of 5%.

Financial results for the IRB Group show a net loss for the period 2009-2012 inclusive as £40million.

In overall terms, the IRB believes the total amount of investment during the same period to be around £150m.

"These are exciting times for Rugby around the world and despite a difficult global economic climate and a reduction in operational costs, the IRB remains committed to the development of the Game worldwide through the £48 million Strategic Investment Programme for the period 2009-2012," said IRB Chairman Bernard Lapasset.

"Such levels of investment are made possible owing to the commercial success of Rugby World Cup, which is firmly established as one of the world's biggest sporting events.

“Record reserves from the 2007 tournament in France will continue to underpin the delivery of key tournament, development and high performance programmes around the world within the four-year RWC cycle, all aimed at raising playing standards."