Reports had suggested that falling stock markets would force Kingfisher to delay the £2.5bn ($3.9bn) demerger of its electricals business.

But a spokesman said: "The position remains unchanged. We are still intent on securing a successful flotation for the business in the spring of next year."

Kingfisher unveiled plans to float its electricals business, which contains Comet and French chains Darty and BUT, earlier this year.

Darty makes most profit

Chairman Francis Mackay told investors in May that the group wanted to concentrate on building up its pan-European DIY operations.

It has since taken full control of the French home improvement chain Castorama after a bitter takeover battle.

Analysts had pencilled in a value of between £2.5bn to £3bn for the electricals business, which would float on the French stock market.

Comet accounts for about a third of the overall business's sales, but Darty generates higher profits for the group.

New chief executive

Speculation has grown that Kingfisher might decide to sell to either Dixons or Germany's Metro, which runs an electricals chain in Europe.

The group's board is expected to update the City on the plans when it reports its half-year results on Wednesday.

Mr Mackay is currently searching for a chief executive to take over from Sir Geoff Mulcahy, who is stepping down.

Kingfisher sold High Street chemist Superdrug and demerged Woolworths last year as part of its restructuring programme.