Interim like-for-like sales fell 2.5 per cent at Printing.com, which produces business cards and fliers at a Manchester hub for franchise holders around the UK. Tony Rafferty, chief executive, said the fall – which compares with a 16 per cent increase in the previous first half – was the first since the company joined Aim five years ago.

However, competitors in the supply of printed material to small businesses had suffered falls of up to 40 per cent. “It’s difficult to gauge, but we think we are winning market share,” said Mr Rafferty.