Grafenia's first half turnover rose to £6.74m from £5.14m but earnings slipped and losses widened.
It said part of the increase in turnover was attributable to the acquisition of Image Everything on 17 Jul.
EBITDA of £0.43m was down from £0.45m and operating and pre-tax losses of £0.47m and £0.49m respectively were up from £0.42 and £0.41m a year ago.
Chief executive Peter Gunning said: 'In the first half of the year, we've continued to make progress in our transformation plan.
'On the surface, our results don't fully reflect the degree of change we are going through.'
Looking ahead, he said: 'As our industry continues to go through systemic changes, we continue to execute our transformation plan. We are gradually shifting our reliance on transactional print volumes.
'When we sell to the trade, we are invariably at the 'end of the chain' in the transaction.
'Our aim is to be at the front of that chain as much as possible. To influence a client's choice on how to promote themselves.
'To achieve that, we want more Nettl and printing.com branded locations, where our marketing reaches the end client, inspires them and aids their decision making.
'We want to do that via like-minded partners and by scaling our Company studios.
'Whilst our underlying business is currently performing to market expectations, as noted above we have front-loaded expenses with our launch of Nettl into The Netherlands to capitalise on the opportunity there.
'Most of these costs will be incurred in the second half and will impact full year earnings.'