Comment / M&A radar: Xpediator, Wincanton, Clipper – UK deal-making's sunny side up

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UK freight forwarding and logistics operator Xpediator today posted first-half revenues of £126.6m, a 27% increase on H1 2020 at £99.6m, while adjusted operating profit of £3.6m was up 71% on the £2.1m reported last year. All good on paper, as it also reiterated its appetite for deal-making.

However, it experienced a reversal of a previously positive net cash position – it ended 2020 with £6.8m in net cash (gross cash minus gross debt), while at the end of Q2 21 ...