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Chemicals giant Imperial Chemical Industries (ICI) has reported an 18 per cent increase in adjusted pre-tax profits for the third-quarter.

News of the profit increase comes ahead of the completion of a planned takeover of the British-based Dulux paint maker by the Dutch-based chemicals and paint firm Akzo Nobel.

In a statement ICI confirmed that its adjusted profit before tax climbed to £177 million over the third quarter, up from the £149 million reported for the corresponding period of the previous year.

The company said it had achieved a good underlying sales performance from specialty starches and specialty polymers and its decorative paints businesses in Asia and Latin America.

ICI confirmed that it had achieved comparable growth of five per cent in group sales for continuing operations over the third quarter of the year.

It added that good cost control and selective price increases had resulted in the group improving its trading margins by almost one per cent to 13.3 per cent.

ICI chief executive John McAdam said the performance had been achieved "despite a mixed trading environment".

"European market conditions were varied, Asia and Latin America remained strong but North America was again challenging, particularly for paints," he explained.

Although sales of decorative products in the UK and Ireland were in line with the third quarter of last year, ICI also stressed that its performance in the regions was compromised by weak conditions in the retail market.

However the chemicals firm said with its trading in Asia and Latin America "remaining buoyant", and further operational efficiencies expected, it anticipated reporting results for the fourth quarter and the full-year that would surpass its previous expectations.

ICI reaffirmed its belief that the acquisition of the group by Akzo Nobel will be completed on January 2nd next year, with the deal dependent on shareholder approval.