Adele’s ’21’ helps boost label XL profits to £41million

From NME:

The success of Adele’s album ’21’ helped boost her label XL Recordings’ profits to £41.7million in 2011.

The massively popular album, which features the hit singles ‘Someone Like You’ and ‘Rolling In The Deep’, sold over 10million copies in the UK after its release. The record profits have seen label boss Richard Russell paid an £8.5million dividend while parent company Beggars Banquet chief Martin Mills received a similar amount.

The huge sum is put into context by the fact the label saw its bank balance go from £3million to £32million in the space of 12 months. The label’s financial figures were revealed by the Sunday Times Business supplement.