Lego hit with the most ‘negative toy market for over 15 years’ as profits slide

The Danish toymaker Lego has been hit with the “toughest toy market for over 15 years” and the company has seen their annual profits fall.

Lego has cautioned that bottom lime profits will be under pressure this year and the firm reported a 5% drop in operating profits of £8.1 billion last year.

Net profits dropped 5% to £1.5 billion and in the final six months to Christmas operating profits was up by 7%, whilst sales were 2% higher to £7.6 billion in the year.

Chief executive Niels Christiansen said: “We are pleased with our performance given that 2023 was the most negative toy market in more than 15 years.”

“Despite the external market conditions, we continued to invest for the future and made good progress on digital, sustainability and retail initiatives that will support long-term growth. We are grateful for our dedicated colleagues who remain committed to our mission to inspire and develop the builders of tomorrow.”