Beggars Group’s revenue rose 20% to £134.48 million in 2025, while operating profit fell 22.3% to £8.17 million. The independent music company’s reported figures were significantly affected by its increased stake in XL Recordings, which made XL a consolidated subsidiary rather than a joint venture and brought its sales and costs fully into Beggars’ accounts.

Excluding non-controlling joint ventures, consolidated turnover increased 51.5% to £113.97 million and operating profit rose 22.5% to £9.58 million. XL generated £70.76 million in revenue and £9.16 million in operating profit, paid £17.61 million in dividends to Beggars and co-owner Richard Russell, and derived 82% of its turnover from outside the UK; Beggars itself paid no dividend in 2025.