Beggars Group revenue hits $177M in 2025
The Beggars Group reported a 20% revenue increase to $177 million in 2025, driven by its new majority stake in XL Recordings.
The Beggars Group's revenue grew 20% year-on-year to $177 million (£134.48 million) in 2025. The UK-based independent music company filed these figures with Companies House on August 24.
Founded and led by Martin Mills, the group owns or co-owns labels including XL Recordings, 4AD, Rough Trade Records, Matador Records, and Young Recordings. Its total operating profit, however, fell 22.3% to $10.8 million (£8.17 million).
A major shift in its corporate structure explains the contrasting figures. Beggars increased its stake in XL Recordings to 51% in October 2024, making it a subsidiary. This moved all of XL's sales into Beggars' consolidated accounts. Excluding joint ventures it does not control, Beggars' consolidated turnover surged 51.5% to $150.2 million (£113.97 million).
Financial Performance and Structure
The change pushed two profit lines in opposite directions. Beggars' consolidated operating profit rose 22.5% to $12.6 million (£9.58 million). Meanwhile, its joint ventures recorded a combined operating loss of £1.42 million. Rough Trade Records Limited accounted for a £714,532 share of that loss. Matador Records Limited contributed £215,183, and Matador Recordings LLC added £378,278.
XL had contributed roughly £3 million to the joint venture profit line in 2024. It added nothing in 2025 due to the ownership change. The group's labels released 30 new albums in 2025, down from 32 the prior year.
Commercial successes for the year included Pulp's More (Rough Trade), Big Thief's Double Infinity (4AD), David Byrne's Who Is The Sky? (Matador), FKA Twigs' Eusexua (Young), and Jim Legxacy's Black British Music (XL). In its report, Beggars stated that discovering talent and supporting artists is core to its business. "We intentionally release a very small number of albums a year in a world that is flooded with music," the company said. Its average headcount grew to 197 from 169.
XL Recordings' Divergent Results
XL Recordings filed its own accounts on August 21. The label's turnover rose 12.6% to $93 million (£70.76 million). Its operating profit fell 28.4% to $12.1 million (£9.16 million). That profit still represented 95.6% of the total operating profit reported across Beggars' consolidated businesses.
| Metric | 2025 Figure | Change YoY |
|---|---|---|
| Turnover | £70.76 million ($93 million) | Up 12.6% |
| Operating Profit | £9.16 million ($12.1 million) | Down 28.4% |
| Post-Tax Profit | £7.82 million ($10.3 million) | Down from £10.99 million |
| New Albums Released | 6 | - |
| Turnover from Outside UK | 82% | - |
XL paid total dividends of $23 million (£17,608,441) during 2025. These were divided between shareholders Beggars Group and XL co-owner Richard Russell. The label had paid £10 million in dividends in 2024. Beggars Group itself paid no dividend in 2025, having distributed $6.4 million (£5 million) in 2024.
Control of Beggars Group was transferred in October 2024 to a trust connected to Martin Mills. XL now sits above several Beggars-linked businesses. It holds 100% of publishers Beggars Music Limited and Young Music Publishing, 87.5% of 4AD Songs, and 51% of Young Recordings.
Both companies flagged inflation as a continuing risk, weighing on supply chain costs and overheads. On copyright, Beggars' directors wrote they are working with the UK Government to protect the value of cultural IP rights. XL regained the US rights to Adele's first three albums in 2021. It acquired the rights to Radiohead's early albums in 2016.
