When I joined the PSD2HTML team in November 2014, the site had been suffering from a manual penalty related to spammy backlinks for over a year. They'd tried everything to promote a recovery, but nothing worked.
They were ready to admit defeat.
The penalty resulted in the loss of over 80% of their organic traffic.
The story of how this happened is very interesting. PSD2HTML was one of the first companies to market PSD to HTML conversions in 2005. At the peak of their success, they transitioned to an SEO company. In 2013, our relationship with a well-known agency resulted in a manual spam penalty.
The following is a screenshot of what this looked like: