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Lego says it is benefiting from strong consumer demand to replace fossil fuels used in its iconic toy bricks with more expensive renewable and recycled plastics.
The Danish toy maker has announced plans to eliminate fossil fuels from its bricks by 2032, after signing deals with manufacturers to secure long-term supplies of eco-friendly alternatives.
The company told shareholders that in the first half of 2024, 22% of the resin used in its bricks came from renewable and recyclable sources, up from 12% in 2023.
Lego said the increased revenue has allowed it to invest in increasing the amount of resin it purchases from sustainable sources.
On Wednesday, the company said first-half operating profit had risen 26% to 8.1 billion Danish kroner (£920 million).
Revenue rose 13% to DKK 31 billion (£3.5 billion), driven by a 14% increase in consumer sales.
Lego said sales growth was driven by strong demand for its extensive and diverse portfolio, particularly in the Americas and Europe.
“We are very pleased with our strong performance in the first half of the year,” said Niels B. Christiansen, LEGO CEO.
“We achieved double-digit growth in revenue and net income, and made significant progress in increasing the amount of sustainable materials used in our products.
“Our portfolio caters to all ages and interests, which is driving significant demand across markets.
“We have leveraged our strong financial foundation to further increase spending on strategic initiatives, which will support current and future growth and enable us to reach more children through play.”
