Cabcharge Australia says its results for the first quarter of the financial year were beyond its expectations.

“Looking ahead, we are confident about our prospects,” chairman Reg Kermode told the Cabcharge annual general meeting in Sydney on Wednesday.

“This is supported by our results for Q1, 2012, which are beyond all expectations. But we will remain cautious, given the current economic uncertainty.”

No further details were provided on the first quarter results.

Cabcharge shares were up seven cents, or 1.5 per cent, at $4.64 at 1302 AEDT.

Cabcharge’s net profit in the 2010/11 financial year dropped 20 per cent compared to the previous year, due primarily to a $15 million payment after losing a court case against the Australian Competition and Consumer Commission (ACCC) for anti-competitive behaviour.

Mr Kermode made no direct reference to the ruling, but took a swipe at regulators and Cabcharge’s competitors in his prepared remarks to shareholders.

“Just as Qantas knows, success makes you a target for a sad but vocal few, and Cabcharge is no stranger to being a target,” he said.

Cabcharge would always be called a monopoly no matter how many competitors entered the taxi market, Mr Kermode said.

“Those competitors will continue to be blessed by some regulators and media, despite the fact their contribution to the Australian taxi industry is simply to milk rather than contribute to its growth and outcomes,” he said.

Cabcharge was innovative and released new products, while others followed with “the cheap knock-off”, he said.

Mr Kermode was also critical of new laws giving greater consequence to shareholder votes against executive remuneration.

The so-called “two strikes” rules can lead to a spill of a board if 25 per cent or more of shareholder votes go against remuneration reports at two consecutive AGMs.

Mr Kermode said proxy advisers had become the decision makers for institutional shareholders.

“In my life, I have never seen anything as ridiculous as investors having to be guided by the misguided on how to vote,” he said.

“Fortunately, our investor base is too wise in most cases to be misled by advisers who, despite their possible best intentions, have no chance of forming a properly-balanced view of a company’s performance in the time they have available to do so and advise.”

More than 40 per cent of Cabcharge’s shareholder votes went against the company’s remuneration reports at its last two AGMs.

The results from Wednesday’s meetings are due to be made public later on Wednesday.