In a trading update issued this morning, the renamed Printing.com parent company said trading was “in line with revised internal budgets”.

Last year the company warned that its transition from a franchise operation to a software provider was taking longer than anticipated, and earlier this month Grafenia's share price fell to a 52-week low of 13.25p.

However, chief executive Tony Rafferty told PrintWeek that demand for its software-as-a-service W3P solution had increased, and “momentum was picking up” from two distinct types of web-to-print user.

“Firstly, printers switching to W3P, having looked at the £10k, £20k or £30k web-to-print systems and who are won over with the simpler 'back office' we offer,” he said. “Secondly, printers wanting to test web-to-print for the first time, and attracted by the zero capital investment and low price point.”

Grafenia has also granted new master licence agreements in the USA and New Zealand, replacing its legacy arrangements in those territories, and the company is “cautiously optimistic” about adding sealing further deals in the near future.

Share rose 1.25p on the news, to 14.5p (52-week high: 31p).