Shares in clothing brand Joules (LON:JOUL) jumped at market open on Wednesday, after the group reported strong growth across both retail and wholesale.

Joules reported an 18.4 percent jump in revenue, with underlying annual pre-tax profit up 28.5 percent to £13.0 million in the year to May. Underlying earnings (EBITDA) rose 24.4 percent to £21.1 million.

“It has been another strong year of growth for the Joules brand, with our continued expansion within the UK and international markets enabling the Group to a profit performance ahead of initial expectations,” the company said.

A final dividend of 1.3p per share was proposed, which if approved at the AGM, would take the total dividend for the full year to 2.0p per share, up from 1.8p.

Earlier this morning Peel Hunt reaffirmed its buy investment rating on Joules Group and raised its price target to 400 pence, up from 380 pence.

Shares in Joules Ltd (LON:JOUL) are currently trading down 1.45 percent at 341.00 (1012GMT).