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Benefiting from strong consumer demand, Lego has announced it will replace fossil fuels in its iconic toy blocks with more expensive renewable and recycled plastics.
The Danish toy maker said it plans to be fossil fuel-free in making its bricks by 2032, after signing deals with producers to ensure long-term supplies of more environmentally friendly alternatives.
The company told shareholders that in the first half of 2024, 22% of the resin used in its bricks will come from renewable and recycled sources, up from 12% in 2023.
Lego said increasing profits have allowed it to invest in increasing the amount of resin it buys from sustainable sources.
The company said on Wednesday that first-half operating profit rose 26 percent 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 the sales growth was driven by strong demand for its large and diverse portfolio, particularly in the Americas and Europe.
Niels B. Christiansen, LEGO’s chief executive officer, said: “We are very pleased with our strong performance in the first half of the year.
“We have achieved double-digit growth in sales and profits and made great progress in increasing the amount of sustainable materials we use in our products.
“Our portfolio is relevant across all age groups and interests, generating strong demand across markets.
“Our strong financial foundation has enabled us to further increase spending on strategic initiatives that will support our current and future growth, empowering even more children to learn through play.”
