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M&S and ITV: Two sides of the same coin

The two worst performers in the FTSE 100 so far today are ITV and Marks & Spencer, and there may well be a link between the two.

ITV has warned of a slow-down in advertising revenues. That suggests that major ad spenders are retrenching and one of those may be Marks & Spencer... M&S is also cutting its capital expenditure budget once more.

Chairman Archie Norman and chief executive Steve Rowe can therefore take some credit for the hard decisions they have had to make on the cost base but unless they can rejuvenate the top line then M&S’ woes are far from over.

In the meantime, the company’s cost-cutting programme may be about to cause some collateral damage if ITV’s cautious view for the rest of the year is any guide.”

Russ MouldInvestment director, AJ Bell