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LEGO sales and profits skyrocket in the first half of 2024

Chris Wharfe 468 Views 0 Comments

The LEGO Group’s sales and profits skyrocketed in the first half of 2024, significantly outstripping the company’s performance in the same period in 2023.

Announced today in its latest round of financial results, the LEGO Group’s revenue during the first six months of the year jumped by 13%, with consumer sales growing by 14% year-on-year. Operating profit was up by a staggering 26% to DKK 8.1bn (£915m), while net profit increased by 16% to DKK 6bn (£678m).

“We are very pleased with our strong performance in the first half [of 2024],” said the LEGO Group’s CEO Niels B. Christiansen. “We delivered double-digit growth on the top- and bottom-line and made significant progress on increasing the amount of sustainable materials used in our products.

“Our portfolio continues to be relevant for all ages and interests, and this is driving significant demand across markets. We used our solid financial foundation to further increase spending on strategic initiatives which will support growth now and in the future to enable us to bring learning through play to even more children.”

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These figures are slightly surprising given the LEGO Group’s financial results for the same period in 2023. Growth compared to the first six months of 2022 was comparatively slow, with sales climbing by only 3%, revenue growing by 1% and both operating and net profit decreasing. The company attributed those dips in profit to increased investment in long-term initiatives in 2023.

However, it says those investments – in new factories, offices and so on – have actually increased in the first half of 2024, up from DKK 3.6bn (£407m) in 2023 to DKK 4.5bn (£508m). That was spurred by a 60% increase in operating cash flow, up to DKK 7.5bn (£847m), while free cash flow – the money available to extract from the company after its capital expenditures and investments – was a hefty DKK 3bn (£339m).

These stats suggest we’ll be looking at a very different annual financial report next March compared to the LEGO Group’s full results for 2023, when sales grew by 4% and revenue climbed by just 2% year-on-year.

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Author Profile

Chris Wharfe
I like to think of myself as a journalist first, LEGO fan second, but we all know that’s not really the case. Journalism does run through my veins, though, like some kind of weird literary blood – the sort that will no doubt one day lead to a stress-induced heart malfunction. It’s like smoking, only worse. Thankfully, I get to write about LEGO until then.

Chris Wharfe

I like to think of myself as a journalist first, LEGO fan second, but we all know that’s not really the case. Journalism does run through my veins, though, like some kind of weird literary blood – the sort that will no doubt one day lead to a stress-induced heart malfunction. It’s like smoking, only worse. Thankfully, I get to write about LEGO until then.

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