Taxi charge group Cabcharge Australia Ltd says its fiscal 2007 results so far are exceeding those of last year, when the company recorded a 37 per cent jump in profit.

Speaking at the company's annual general meeting in Sydney, Cabcharge chairman Reg Kermode said the company was getting stronger, despite, or perhaps because of, increased competition in the marketplace. This year new entrant Macquarie Bank Ltd has set up a wheelchair accessible cab company Lime Taxis in Sydney, with the millionaire's factory unveiling plans to set up a rival taxi fleet and payment voucher scheme in the lucrative harbour city market.

Macquarie Bank's entry has added heat to an already competitive market.

"We welcome competition in our market, and as everyone who operates a network, a fleet or an individual taxi business knows, this is one of the most competitive businesses in the country," Mr Kermode said, without reference to Macquarie.

"Our market position is more than sustainable and our strengths keep getting stronger and stronger.

"I can tell you as a fact that (fiscal) 2007 thus far is exceeding know results from last year."

In fiscal 2006 Cabcharge recorded an annual net profit after tax of $38 million, an increase of 36.9 per cent on the previous year.

Among other ventures both in Australia and overseas, Cabcharge owns Sydney's Taxis Combined cab company, Melbourne's Black Cabs, and western Sydney bus company Westbus.

The Cabcharge payment system is offered in 96 per cent of Australian taxis, whether in the form of vouchers or the company's EFTPOS payment system.

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