LinkedIn, the social networking site that allows professionals to connect, has seen significant growth in revenue and users during the final three months of 2011, as 14 million new profiles were added and revenue reached £106m.

The dramatic surge in new users has seen the site reach 145 million users worldwide, an increase of 10 per cent during quarter 4. Revenue is up 105 per cent on the same period in 2010 and shows the company consolidating itself as a leading social networking site.

After an initial IPO in May, which saw stock rise to $109, the company share price fell dramatically soon after, raising fears that the value of the site had been somewhat overblown. The latest figures should begin to allay shareholder fears, with the company now predicating even more impressive numbers in the coming year.

In a statement on the company's website, chief executive Jeff Weiner said: "It was a fitting end to a memorable year in which we reinforced our position as the pre-eminent professional network on the web."

The company also hired 200 new members of staff during the fourth of quarter of 2011 and now has over 2,000 employees.

The news comes shortly after rival site Facebook announced plans to float on the stock market later in the year. LinkedIn's latest figures will give a further boost to the social networking industry ahead of Facebook's floatation.