PPL, the UK music licensing company, today announced its financial results for the year ending December 2011 at the company’s AGM.

It was reported that:

• Total licence fee income grew 7% to £153.5 million from £143.5 million in 2010.
• Distributable revenue saw an increase of 5% from £124.1million to £130.8million.
• Broadcasting and Online revenues grew 7% from £61.7 million to £66.2 million.
• International revenue grew 2% to £32.4 million.
• Public Performance income saw growth of 10% from £50.1 million to £55.0 million.
• The cost to revenue ratio was 14.9%.

It was also reported that PPL's record company membership is now 8,500 whilst the company's performer membership is now 51,500.

The guest key note speaker was Chief Executive Officer and Comptroller General of the Intellectual Property Office (IPO), John Alty CB.

In his Chairman's address, Fran Nevrkla, who stood down as CEO at the end of 2011, reflected on a successful year for PPL and one in which saw agreement reached on extending the term of copyright in sound recordings from 50 to 70 years. He also urged Governments to discharge their moral duties in regard to copyright.

Following a financial presentation from Ben Lambert, PPL's Chief Financial Officer, Chief Executive Officer Peter Leathem addressed the audience and focused on the company's strong performance across its three revenue streams and on a number of wide ranging issues including the value of rights and music and the company's contribution into the range of copyright reviews, PPL's tariffs, joint-working with PRS for Music and investment in systems.

As part of the formal business proceedings Tony Clark (PPL), Ben Lambert (PPL), Fran Nevrkla, Martin Mills MBE (Beggars Group) and James Mullan (EMI) were all successfully re-elected onto the PPL Board.

The PPL 2011 Annual Review was distributed at the AGM. It includes an analysis and breakdown of the company's activities in 2011 including financial figures and the exclusive PPL People's Charts for the year where Adele topped the Pop chart with Rolling In The Deep and Ludovico Einaudi was number one on the Classical chart with Primavera. Adele, who had three songs in the top five of the pop chart also topped the Artist chart for 2011.

In addition the Annual Review includes a short section on the value of music not just to its members and customers but also to the UK economy, from an overseas perspective, in sport, as therapy and in education with quotes and insights from a whole range of stakeholders. This follows brand new research which was commissioned by PPL and PRS for Music in April 2012 and carried out by Vision Critical amongst 1,000 SMEs (with between 2-250 employees). The results of this research, analysing the value of music to such businesses, will be announced on June 19.