Maxiprest Issue Warning

Motor tyre group Bridgestone/Firestone Maxiprest (South Africa) announced last Friday that its expected full-year earnings would not be achieved, due to pressure on margins and the effect of the stronger rand on its export trading operations. The group said it was however confident that the areas of concern are being addressed and that the group “will continue to show earnings growth”. It also said its board had decided to make provision for the “non-recoverability of a debt due by an associate company in which the group has a 40 percent equity stake”.

It releases its annual results in mid-February. The group’s shares were unaffected by the release of the trading update, trading four cents higher at 1.84 rand by close on Friday, from 1.