EL34s right? 4 of them?
Usually, a half-power switch shuts 2 of the power tubes off. The reason the tone changes a bit is that when you shut off half the tubes, the impedance also halves (impedance mismatch), and if you don't change it there will be a tone difference.
I've got an EL84 (x4) amp, and when I switch to half power (2 tubes instead of 4), the tone does get darker & more compressed... until I then move the speaker impedance switch from it's standard 8 ohms to 4 ohms. Then the amp sounds virtually identical to the full-power version, only a little quieter, from making sure the impedance is re-matched after going to half power.
BTW- on a tube amp, an impedance mismatch isn't a big deal... as long as it's not TOO mismatched. If the amp is an 8 ohm amp, and you're giving it a 4 ohm or 16 ohm cab, that'll be ok (it will affect the tone tho.) However... only go ONE STEP when mismatching. Don't feed a 4ohm amp a 16 ohm cab (or vica-versa)- at the very least, the tubes will by the farm. Hopefully they won't take any other components out when they do.