Chief executive Tony Rafferty described the 12-month period as "two halves of dire trading" and said that, while turnover was flat at around £14.5m, profits had fallen due to the company doing more work for the same price.

However, Rafferty added that the results demonstrated "the robustness of Printing.com's business model" and proved that the company was still profitable and cash generative despite the challenging trading conditions.

The results come as Printing.com prepares to launch its template-based web-to-print system, which Rafferty said would allow the company to target the corporate market, among others.

"Moving forward, we believe that we can best exploit the Printing.com opportunity by retaining our established network of dispersed franchisees and equipping them with advanced online solutions," Rafferty said.

"We believe many existing Printing.com clients will ordinarily alternate between online ordering and the traditional channel given the complexity of some design and print projects versus the simplicity of others.

"With the advent of the new software component, the scope for an offering particularly suited to the needs of multi-site businesses is opened up. With the launch of this initiative, franchisees will be able to vend a new strategic solution extending their market reach."

In addition, the hub-and-spoke print franchise business announced that it has granted an option for a master licence agreement in Australia to John Stangeland, the former master franchisee with failed print franchise group Worldwide Online Printing.

Printing.com remains one of several interested parties in talks with administrators for Worldwide Online Printing, although Rafferty said that he could not comment on the situation at present.