Accelerating Schaffer offers up a special delivery

Schaffer Corp has rewarded shareholders with a special 20 ¢ dividend after reporting record full-year earnings but warned that difficult market conditions for its automotive leather business were expected to continue into the first half of 2003-04.

Perth-based Schaffer posted a 31 per cent jump in net profit to $17 million and a 5 per cent increase in revenue to $223 million. The group's share price rose $1.18 to $13.78 and it closed up 90 ¢ at $13.50.