Shares in Grafenia (LON:GRA) shot up nearly 15% today after it beat expectations despite a prior profit warning.
The company, formerly known as printing.com said its trade service for print resellers, Marqetspace, had exceeded expectations.
In its interim report, the group a target annualised monthly revenue run rate of £3 million by the period end.
The group also attracted more partners for its web design tool, Brambl, while it currently has 130 subscribers.
Grafenia issued a profit warning back in February, saying results would miss expectations due to aggressive pricing by competitors.
It forced the company to up its promotional activity, incentives and selective discounting, and it seems to have paid off.
Although trading conditions remained competitive, the company has made progress on new strategic initiatives and subscription models.
“We make no changes to our forecasts, with the momentum of the growing initiatives anticipated, in FY17, to offset printing challenges,” said broker N+1 Singer.
Shares stood at 11.16p.