Adele is the gift that keeps on giving for record label XL Recordings, whose bosses have enjoyed another huge pay day, pocketing a £12 million dividend this year despite releasing her last album more than three years ago.
Joint owners Richard Russell and business partner Martin Mills’ Beggars Group have now shared £53 million in dividends from XL since 2011, when Adele’s 21 smashed records to become the best-selling album this millennium.
The label bosses got a £17 million dividend in 2011 and £24 million in 2013 before taking £12 million this year, according to accounts at Companies House. The payouts total £26.5 million each for Russell and Mills’ company.
“Back catalogue sales of Adele during 2013 continued to account for a significant proportion of the sales and profit during the period,” said the accounts, which confirm that, as expected, Adele, will not be releasing an album this year.
Turnover fell to £37.5 million last year against £79.6 million in 2012 and £111.7 million in 2011 when Adele’s sales were at their zenith. Operating profits also halved last year and the accounts warn of another fall in 2014.
XL is one of London’s most successful independent labels, with a string of top artists from Jack White and Thom Yorke’s Atoms for Peace, above right, to younger stars FKA twigs, above left, and SBTRKT.Reuse content