The Tab and Entertainment Daily publisher Digitalbox has reported a 3% year-on-year drop in gross profits as global adspend continues to struggle.

The publicly-traded company had reported handsome growth in its mid-2022 earnings reports, with the first half of 2022 experiencing 40% growth year on year.

But in Tuesday’s full-year results Digitalbox recorded a 2.4% year-on-year revenue fall, to £3.57m. Pre-tax profit was £45,000, compared with £625,000 in 2021.