XL Recordings reports £78.6m turnover and £25.4m pre-tax profit in 2012

RHIAN JONES

XL Recordings has reported a £78.6m turnover and £25.4m pre-tax profit in 2012.

The company said Adele’s second album 21, released at the beginning of 2011, accounted for a “significant proportion” of the earnings.

The label's joint-owners Richard Russell and Martin Mills's shared a £24 million dividend in April according to reports.

Revenues were down nearly 30% on 2011 until XL turned over a record £111.7m following the release of 21, which reached No.1 in more than 30 countries.

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