Omaze house prize draws fuel first UK profit
Omaze, which runs house prize draws across the UK, has made its first profit since launching in this country.
The division of the US-headquartered business has posted a pre-tax profit of £6.2m for 2024, new accounts filed with Companies House show.
The profit comes after Omaze reported a pre-tax loss of £17.3m for 2023.
The new accounts also show that the firm’s revenue jumped from £127.4m to £196.6m over the same period.
A statement signed off by the board said: “2024 was the first year the company, since launching less than four years ago, became profitable.
“This was achieved as we moved to house prize draws each month in 2024 resulting in more sales and subscriptions, thereby improving leverage against operating costs.
“Our charitable donations have increased as a direct result of higher sales.
“While these were very positive increases, we are continuing to invest in keeping up with pace and complexity of the business to ensure we are able to bring new and life-changing products to our customers.”
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Omaze CEO’s near-death experience
Earlier this year, the co-founder and CEO of Omaze, Matt Pohlson, appeared as a guest on City PM‘s Boardroom Uncovered show.
In the episode, the Omaze boss set out the reasons why he believes the UK is the right place for his growing business to invest.
Pohlson, who helped found the company in the US before moving full time across the Atlantic, also acknowledged the well-known pitfalls of choosing to invest in this country rather than in the States.
The Omaze boss also revealed what he thinks the Labour government could do to support businesses more.
As well as talking about the business, the CEO also detailed his experience of a serious medical incident which saw him flatline and be brought back to life.