UK-based global plumbing and building materials distributor reported revenues were up 3% for the first five months ended Dec. 31, 2008. The distributor’s half-year results will be announced March 23.
 
Profit fell 45%.

We continue to act decisively and rapidly in response to the unprecedented market conditions we face, said Chip Hornsby, CEO. Our attention and efforts remain resolutely focused on achieving compliance with our banking covenants, without losing sight that to generate shareholder value we must seek to ensure the business is well positioned to benefit when the markets in which we operate begin to recover. In the meantime, and against this background of declining macro economic activity we continue to implement the actions required to …