Germany-based Büromarkt Böttcher, an online reseller of office supplies and other products, continued its phenomenal growth record in 2016, seeing a sales increase of 54% compared to the previous 12 months.

In its financial year ending 31 December, the company achieved revenues of €216 million ($232 million). It sells online at Bueromarkt-ag.de.

Its customer base also increased considerably. With 672,000 newly acquired customers, its total base now stands at over two million, making it one of the largest online operators in the German market. The company notes on its website that it sells more than 40,000 products.

In line with Böttcher’s profit share business model, dividends of €1.9 million (US$2 million) were paid back to staff, on top of any generic wage increases.

A further sizeable proportion of the company’s 2016 profits—about €6 million (US$6.4 million)—will be invested in the next phase of Böttcher’s recently expanded logistics operation that became operational in 2014. Upon the expected completion of this additional expansion in December 2017, Büromarkt Böttcher will be able to double its shipments to customers.

Heike Dieckmann is the editor of Office Products International, where an earlier version of this article first appeared. The original version can be viewed at OPI.net.