Disney's The Lion King has reported record box office figures for the eighth year running.

The musical, adapted from the 1994 film and directed by Julie Taymor, defied a predicted downturn in West End sales due to the London Olympics to report takings of over £38.6 million.

David Schrader, executive vice-president and managing director of the Disney Theatrical Group said: "We continue to be humbled and thrilled by the way London audiences embrace Julie Taymor's extraordinary production. For a musical to achieve its highest gross in its 13th year is almost unparalleled – let alone in a year where other major events dominated the capital."

The Lion King opened first on Broadway at the New Amsterdam Theatre in November 1997 before receiving its West End premiere at the Lyceum Theatre on 19 October 1999 (previews from 24 September). The musical features choreography by Garth Fagan, costumes by Taymor, puppetry and masks by Taymor and Michael Curry and set design by Richard Hudson.

In August 2012 it was joined in the UK by a touring production – the largest production ever to tour the country. Opening in Bristol, the show is now playing to capacity audiences at Manchester's Palace Theatre. It will play seasons in Dublin and Birmingham in 2013.

The production has now been seen by over 65 million people across five continents.