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

XL Records

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.

XL said it was working on creating more hits to secure the company’s future. Adele is not expected to release a new album until mid-2014.

The company also said it had reorganised its internal operations to manage digital revenue streams in order to be able to "smoothly" navigate the market.

Source: The Telegraph


Tags: Martin Mills, Adele, Richard Russell, XL Records

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