Akzo Nobel, the Dutch paints and chemicals company, pointed to ”some stabilisation” in demand in March as it sought on Thursday to put a gloss on its latest quarterly loss and reported lower sales across all its businesses.

The group, which bought ICI in 2007 for £8bn to become the world’s biggest paint producer, has already announced cost-cutting and cash preservation plans as the sagging fortunes of the automotive, construction and retail markets hit its business.