Beggars Group, the UK-based independent music company led and founded by Martin Mills, reported for 2025 £134.48 million ($177 million) in total annual revenue. According to its filing with Companies House this marked a 20% year-on-year increase. However, operating profit declined to £8.17 million ($10.8 million) from 22.3%.

XL Recordings was a major factor behind the revenue growth , in which Beggars increased its ownership in October 2024 to 51%. The move turned XL from a joint venture into a subsidiary, bringing its costs and sales into Beggars’ consolidated accounts. As a result, the consolidated turnover of Beggars increased 51.5% to £113.97 million ($150.2 million) in 2025.

During the year, Beggars’ labels released 30 new albums, including Pulp’s More, Big Thief’s Double Infinity, FKA Twigs’ Eusexua, David Byrne’s Who Is The Sky? and Jim Legxacy’s Black British Music. The company said it maintains a focused release schedule deliberately so its 250 employees global workforce can concentrate on individual projects.

Separately, XL Recordings reported £70.76 million ($93 million) in turnover, up 12.6%, while operating profit dropped to £9.16 million ($12.1 million) from 28.4%. International markets accounted for 82% of the turnover of XL. In 2025, the label released six albums and paid £17.61 million ($23 million) in dividends, with Richard Russell holding 49% and Beggars owning 51%.

In its report, the company framed its strategy as selective and hands-on. “Discovery of talent and supporting artists through their development stage and beyond is core to our business,” it said. “We remain committed to investing in original new music foremost.”

Both companies also highlighted inflation, pressure on label margins and rising supply-chain costs, alongside concerns around protecting cultural intellectual property and copyright from emerging technological challenges. The valuable catalogue of XL includes early Adele albums as well as recordings by The Prodigy and Radiohead.