Legoland owner says yearly sales soared to record high
Merlin Entertainments' headquarters is in Poole
The Dorset-based owner of Legoland and Madame Tussauds has said its yearly sales soared to a record high as more visitors flocked to city-centre attractions and it launched new sites.
Merlin Entertainments, which has its headquarters in Poole, is one of the world's biggest operators of theme parks and attractions.
The group revealed its total revenues jumped by 8% to an all-time high of £2.1 billion over 2023, compared with the previous year.
About 62 million people visited attractions - seven million more than in 2022.
Merlin makes most of its sales from Legoland Resorts, with sales edging up by 1% compared with the prior year.
Sales at its gateway attractions jumped by nearly a quarter year on year, which refers to its attractions based in busy towns and cities, such as Sea Life, Madame Tussauds and the London Eye.
This reflects strong demand of international tourism in cities with more than one site, most notably in London where nearly a quarter of all tourists to the city visited one of its attractions last year, Merlin said.
It also highlighted a stronger performance in cities including Sydney in Australia and Bangkok in Thailand, but said the pace of post-pandemic recovery in China had been slow.
However, Merlin revealed it swung to a pre-tax loss of £214 million last year, from a profit of £106 million the previous year, which the company said was due to one-off costs including refinancing some of its debts.
Merlin said new attractions such as World of Jumanji at Chessington World of Adventures Resort helped boost spending at its theme parks.
It is also set to launch a new ride at Cadbury World later this week, which forms part of an £8 million investment into the Birmingham-based attraction it took control of at the start of last year.
Furthermore, the company said on Monday it had agreed to buy Orlando Wheel at Icon Park, the tallest ferris wheel on the US's east coast, which will strengthen its presence in a top global tourist hub.
Scott O'Neil, Merlin's chief executive, said: "2023 will be remembered as a strong year for Merlin, marked by growth in demand for the joyful experiences we deliver to millions of guests annually.
"We set the company on a path for transformation that will strengthen our position as the global leader in branded entertainment destinations, and one that responds to increased consumer appetite for digitally immersive and premium experiences at world-famous attractions."