Screen Australia has released further details about the impact its enterprise funding program has had on the 12 companies which received funding in 2009.
The national agency plans to continue the program, which aims to increase the growth and sustainability of local production companies, after a preliminary study showed positive early results.
The original 12 companies which received almost $9 million in funding over three years were: Cordell Jigwsaw Productions ($1 million); Essential Media & Entertainment ($1 million); Hoodlum ($1 million); Hopscotch Features ($1 million); Goalpost Pictures Australia ($750,000); Matchbox Pictures ($750,000); Waking Dream Productions ($750,000); Renegade Films ($700,000); Roar Film ($600,000); Scarlett Pictures ($600,000); Prospero Productions ($500,000); Warp Films Australia ($400,000).
Five of the 10 established companies funded increased annual net profit in 2009-10 by an average of 50 per cent (two of the 12 companies funded were start-ups), according to Screen Australia.
The national funding agency found that in 2009-10: half of the 12 companies posted an increase in revenue; one-quarter posted an increase royalties and two posted an increase in distribution income.
Earlier this week, Screen Australia said overall company revenues increased by an average of 12 per cent; royalties increased by an average of 9 per cent; income from distribution increased by an average of 17 per cent; and almost half of the companies generated new revenue streams.
A spokeswoman said the increase in revenue did not include the enterprise funding. It includes development funding, production fees, fees from provision of production services, royalties, distribution, EMDG refunds, interest, and other income such as consultancy fees.
The enterprise program has so far provided almost $12 million to 17 companies and a further $3 million has been allocated to a new batch of production houses later this year.
Screen Australia plans to release more information after the recipients have finished their 2010-11 annual reports, which will provide further information about their performance.