Shares in Rexam were down on the FTSE 100 despite the packaging company reporting a rise in sales and pre-tax profit in the full year 2010.

Total sales were reported as being up two per cent to just under five billion pounds, while underlying pre-tax profit increased 45 per cent to £412 million.

The group said it would be raising its total dividend from 8.0 pence per share to 12.0 pence per share.

Rexam's Beverage Can business saw profits rise 25 per cent, while the group's Plastic Packaging division reported a rise in profit of 16 per cent.

Graham Chipchase, Chief Executive of Rexam, said, "In 2010 we delivered record profits and cash flow, improved ROCE and significantly strengthened our balance sheet.

"Going forward, we will remain focused on increasing our return on capital, optimising cash and controlling costs, while making disciplined investments to improve our growth and returns over time.

"We expect 2011 to be a year of continued progress."

By 09:15 shares in Rexam were down 3.84 per cent on the FTSE 100 to 355.80 pence per share.

FTSE