Independent equipment hirer GAP Group has reported a surge in capital expenditure for the first eight months of the trading year.

The expenditure has risen to £58m, a £12.1m increase from last year's number.

Ken Stewart, Head of Procurement at GAP explained: "All our eight divisions are showing a healthy increase in capital expenditure as we continue to benefit from increased utilisation levels. Investment in unmanned plant this trading year has resulted in excess of 900 excavators and 400 dumpers being purchased to date."

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He continued: "Continuity of supply has been maintained throughout the year with no delivery issues being experienced. By investing heavily, we are able to continually reduce the age profile of our fleet, allowing our valued customers to take delivery of high-specification equipment which conforms to the latest legislation. Our Tools and relatively young non-Plant divisions have also benefited from this substantial investment with some excellent financial performances being recorded. Investment in our extensive fleet of commercial vehicles and our national depot network is excluded from the aforementioned £58m."

The group is on target to break through the £200m turnover barrier this financial year.

(CM/MH)