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Adele’s ’21’ fuels ten-fold profit increase for XL

By | Published on Monday 15 October 2012

Adele

The phenomenal global success of Adele’s ’21’ saw the turnover of Beggars Group’s XL Recordings, the singer’s label, boom from £21.4 million in 2010 to £111.7 million in 2011, according to company accounts recently filed with Companies House.

The surge in revenues mean profits were up tenfold, from £4.1 million in 2010 to £41.7 million in 2011. Though, according to City AM, the accounts note that 2011 was an “exceptional year” because of the success of that one record, and that 2012 figures will likely fall back in line with usual expectations, though, of course, ’21’ is still generating revenues even now.

According to the Sunday Times, the label paid out a £8.5 million dividend to co-founder and co-owner Richard Russell, while Beggars Group chief Martin Mills received a similar amount from his equity stake.



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