The LEGO Group has announced ‘record top- and bottom-line’ profits for 2024 in what CEO Niels B. Christiansen says was ‘an exceptional year’ for the company.
Revenue in 2024 grew by 13% compared to 2023, while consumer sales also increased by 12%. Those are big numbers compared to the previous year’s performance, when sales grew by 4% and revenue climbed by just 2% compared to 2022. The LEGO Group says it’s once again ‘consistently outpaced’ the declining toy market, with operating profit ballooning by 10% in 2024 to reach DKK 18.7bn (£2.1bn).
“2024 was an exceptional year for the LEGO Group and we are very pleased with our strong performance,” said Christiansen. “We achieved record top- and bottom-line results even as we accelerated spending on strategic priorities, including a significant increase in the purchases of sustainable raw materials. We are encouraged by these strong results as they will allow us to continue to reach more children with LEGO play experiences now and in the future.”
The company attributes its success in 2024 to ‘strong demand for its large and diverse portfolio, excellent execution in markets and a resilient supply chain’, and is keen to point out that record profits have arrived in tandem with increased spending on ‘long-term strategic initiatives’. Those include expanding manufacturing capacity at existing factories, continuing work on new factories, improving demand forecasting tools, and opening new retail stores.
The LEGO Group also says that half of the materials acquired to produce LEGO bricks in 2024 came from sustainable sources, while it’s still phasing out gas heating in Denmark and instead focusing more heavily on solar energy capacity in its home country, alongside China and Czech Republic.
“We know that play provides children with skills that help them achieve their potential,” Christiansen added. “We are fortunate to be in a strong financial position to invest in activities that bring learning through play to children around the world and invest for the future, so we can continue to have a positive impact on children for many generations to come.”
Revenue growth – which totalled DKK 74.3bn (£8.4bn) – was driven by increased demand in the American, European and Middle Eastern markets. The LEGO Group also pieced together its largest portfolio to date in 2024, releasing more than 380 products in total. Bestselling themes included City, Star Wars, Technic, Icons and Harry Potter, while the annual report also cites the Botanical Collection as a strong seller – especially around ‘gifting occasions’.
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