Coldplay have been named Best Act in the World Today.

The 'Mylo Xyloto' band beat off competition from the likes of Muse, Arcade Fire, Kasabian, Arctic Monkeys and U2 to take the coveted honour at this year's Q Awards - held at London's Grosvenor House hotel this afternoon (24.10.11) - which frontman Chris Martin compared to the Olympics.

He told BANG Showbiz: "It's exciting being nominated for a Q award. They're like our equivalent of the Olympics."

However, Coldplay missed out on both the Best Live Act accolade, which was presented to Biffy Clyro, and a special award to mark the 25th anniversary of the magazine, Greatest Act of the Last 25 Years, which was awarded to Irish rockers U2.

Other big winners at the ceremony, hosted by Al Murray, included Noel Gallagher, who was honoured with the Q Icon award, Take That frontman Gary Barlow, who was given the Classic Songwriter prize, and Siouxie Soux who was feted for her Outstanding Contribution to music.

Adele - who was not at the ceremony - received two awards, Best Track for 'Rolling in the Deep' and Best Female Artist, with Tinie Tempah picking up the prize for Best Male Artist.

WU LYF were named Best New Act with Lana Del Rey tipped as Next Big Thing while Ed Sheeran joked he would keep his Breakthrough Artist award on his manager's mantelpiece.

He said: "I'm keeping the award on my manager's mantelpiece. I still live on his sofa."

Meanwhile Fatboy Slim - aka Norman Cook - revealed he was thrilled to receive the Q Inspiration award because he doesn't consider himself inspiring.

He said: "It's nice being an inspiration, I'm used to being inspired by others so I don't always think of myself as an inspiration."

Q Awards 2011 Full list of Winners:

Breakthrough Artist:

Ed Sheeran

Best New Act presented by Orange Amplification:

WU LYF

Q Classic Songwriter:

Gary Barlow

Best Track presented by Q Radio:

Adele - 'Rolling In The Deep'

Q Innovation In Sound:

Kaiser Chiefs

Q Inspiration presented by YouYou Mentoring:

Fatboy Slim

Q Next Big Thing:

Lana Del Rey

Best Video presented by Q TV:

Jessie J - 'Do It Like A Dude'

Best Album:

Bon Iver - 'Bon Iver'

Best Live Act:

Biffy Clyro

Q Classic Song presented by Zippo:

Snow Patrol 'Chasing Cars'

Q Icon:

Noel Gallagher

Q Best Male Artist presented by Merc:

Tinie Tempah

Q Best Female Artist presented by Nivea Visage:

Adele

Q Outstanding Contribution To Music:

Siouxsie Sioux

Best Act In The World Today presented by First Drinks Brands:

Coldplay

Hall Of Fame:

Queen

Greatest Act Of The Last 25 Years presented by BlackBerry:

U2