European independent powerhouse PIAS enjoyed strong growth in both digital and physical revenues in 2017, according to the to the company’s latest set of financial results.

A Companies House filing for the year ending Dec. 31, 2017, reports that turnover at PIAS Holding (UK) Limited climbed to £35.5 million ($45.8 million at a historical conversion for 2017) last year, an 18 percent rise on 2016.

Helping drive the growth was a 24 percent spike in digital revenues, which rose to £15.1 million ($19.5 million) and for the first time matched physical sales.

In line with the increase in turnover, cost of sales swelled to nearly £17 million ($21.9 million), while distribution costs rose to £4.3 million ($5.5 million). The number of employees also grew 23 percent, from 114 to 140.

As for where those sales come from, the U.K. remains PIAS’ biggest market, accounting for 45 percent of turnover (£16 million/$20.6 million) with Europe representing 36 percent (£12.8 million/$16.5 million).

The rest of the world generates a further £6.7 million ($8.6 million) — a dramatic increase on 2016’s figure of £1.6 million ($2.1 million), no doubt helped by last year’s acquisition of Inertia Music, one of Australia’s top indie record labels and distribution companies. The financial filing shows that it paid just over £1.4 million ($1.8 million) for Inertia.

The document also confirms that PIAS received a “material sum” from Spotify’s public listing but does not say how much because “the costs relating to this receipt are currently unknown, therefore the full financial benefit to the group cannot be reliably stated.”

Gross profit for the year was £18.6 million ($24 million), compared to 2016’s £15.8 million ($21.4 million at a historical average 2016 exchange rate), with the company reporting an overall operating profit of £2.6 million ($3.4 million) — virtually equal to 2016.

“PIAS had a successful year with a growth in both physical and digital turnover due to a strong release schedule and a significant growth in streaming revenues,” states the strategic report.

Looking ahead to any potential risks and uncertainties, PIAS said its turnover “will be affected by the decline in physical sales and the growth in digital streaming revenues.”

“As an international business,” the London head-quartered company said, “we will benefit from the growth in streaming in Europe and, in particular, in other emerging markets.”