Martin Mills has said that the dividend received by Beggars from XL’s record 2011 financials will go towards investment in the future of the group.
As reported yesterday, monumental sales of Adele's 21 pushed profits at indie record label XL to a massive £41.7m in 2011.
Company filings showed that XL’s bank balance climbed from £3m to £32m during the year as a result.
XL paid $27.3 million in dividends for its success, split between co-founder Richard Russell and Beggars Group, according to The New York Times, which Martin Mills said would go “to invest in our future.”
“We’ve sold 25 million copies of ’21’ around the world,” Mills told The Times. “When you sell that many records everyone makes money. Not just Adele and the label, but distributors, retail, everyone.”
XL warned against expectation of repeat performances in future, however.
“The next Adele album may not come for some years, and it’s impossible to predict its likely sales,” the company said. “We therefore regard this year’s figures as exceptional.”
Advertisement
