Final Results Due In March 2005.

http://www.cityfin.co.uk
Trades over 450,000 shares are delayed in reporting by 1 Hour.

One of City Financial Associates (CFP's) main operating goals is to bring fledgling companies to the market. With the depressed stock market over the last few years many potential clients have deffered entry to the LSE. Markets have now turned and the reality of a sucession of new floatations is growing. CFP are well positioned to enjoy the rewards that will be benefited to them in this growing market place.

Why the EXCITEMENT - will here are the reasons why I think we're on a winner.

1) My motto is when it's comes to investing there are three things. Management, management and management. With any good investment - the management should be the driving force in a company. Can they cut the mustard, are they dynamic, do they have good contacts? I think so if you read the following profile.

Stephen Barclay, Executive Chairman

Stephen Barclay, aged 61, qualified as a Chartered Accountant in 1964 with Robson Rhodes before obtaining an MBA degree from Wharton Business School in 1967. In 1989, after a career during which he reorganised various companies, he established City Financial Associates Plc (formerly Clifton Financial Associates Plc) to provide corporate finance advice to small to medium sized private and public companies. In August 1998, City Financial Associates Plc was purchased by Talisman House Plc (now Seymour Pierce Group Plc) where he became group executive chairman. In December 1998, Talisman House Plc purchased an institutional stockbroker, Seymour Pierce Limited, where he became executive chairman. He resigned as a director of Seymour Pierce Group Plc and various other group companies at the end of March 2001 to found CFA Capital Group Plc. He is a director of a number of public companies including MICE Group Plc and Talisman First Venture Capital Trust Plc and is a governor of the London School of Economics and Political Science.

John Shaw, Executive Director

John Shaw, aged 54, qualified as a Chartered Accountant in 1975 with Touche Ross & Co in London. Subsequently he spent two years seconded to the Quotations Department of the London Stock Exchange returning to Touche Ross & Co to join the Corporate Finance Group until 1982. After a period as a sole practitioner, he joined Chase Investment Bank Limited in 1985, was appointed a director and founded the Equity Investment Group, formed to invest in unquoted companies. In 1990 he joined Henry Ansbacher & Co Limited as an Assistant Director of Corporate Finance. He started working with City Financial Associates Plc in early 1995 and was appointed a director in December 1996. He was appointed a director of Seymour Pierce Limited in December 1998 where he was initially Head of Corporate Finance and latterly Head of Private Equity. He resigned from Seymour Pierce Limited and various other group companies at the end of March 2001 to found CFA Capital Group Plc.

2) They have turned a 2 million loss into nearly a profit if you ignore costs for discontinuing operations - that some turn around.

3) With only small market capital of 3.83M it's feasible to suggest they could make a good profit this year as they have already got off to a good start signing more clients.

A profit of half million would give a pe ratio of 7.66

1 million a pe ratio of 3.83

1.5 million a pe ratio of 2.55

2 million a pe ratio of 1.91.

So it would only take a small profit to make this company super undervalued. Consider the possibility they could achieve a 2 million profit this year, which is the least, I expect, we could be looking at a share price of 7p. YES THAT'S 7P (An average p/e for the sector is 16.) Even with a profit of only 1 million that's still an upside of 3.5p.

3) Consider the fact that some of their clients pay their fee by way of giving large share holdings to CFP. All it would take is two or three creamy companies to give them valuable portfolio holding which they could cash in at a substantial return.

4) The IPO is sector has already increased three fold this year. More and more companies are coming into AIM and from abroad then ever before. Rules have changed where foreign companies can use a fast track scheme to get on board more quickly then ever before. I'm sure CFA Associates are well positioned to benefit with this increase in volume.

5) We could see a re-rating this year in this sector, which would be the cherry on the top.

I rest my case, to me this is a no brainer unless you want to wait for the next results for proof they have achieved profitability. If that's your cautious approach, fine but by then, you can then expect a much higher share price then now.

Major Shareholdings:
Stephen John Barclay 64,600,000 11.66%
Pershing Keen Noms Ltd 49,610,000 8.95%
John Richard Shaw 29,400,000 5.31%

RNS Number:9414C
CFA Capital Group PLC
15 September 2004

CFA Capital Group plc
Interim results for the 6 months ended 30 June 2004
CHAIRMAN'S STATEMENT

Highlights

* Nominated Adviser to 20 AIM companies - broker to 15 AIM companies

* Currently handling a number of AIM flotations and other major transactions

* Strong second-half order book - solid outlook for year

* Turnover for the period up 95% to #510,000 (6 months to 30 June 2003:
#262,000 from continuing operations)

* Losses before taxation of #58,000, (loss 6 months to 30 June 2003:
#208,000 from continuing operations)

* Currently recruiting to further strengthen team

Introduction
I am pleased to announce that CFA is now retained as Nominated Adviser to 20 AIM
companies and broker to 16 AIM companies. The company is currently working on a
number of AIM flotations and other major transactions, and as such has built a
strong order book for the second half of 2004. The fees generated by this
activity, taken together with our underlying retainer income and largely-fixed
overhead base, leaves us well-positioned for a satisfactory outcome to the year
as a whole.

Sharply reduced losses for the first half were achieved even though we had to
incur costs on two flotations that were not completed until July 2004 which
generated revenues of #225,000. These revenues were not recognised in the
results to 30 June 2004.

Turnover for the period nonetheless increased 95% to #510,000 (6 months to 30
June 2003: #262,000 from continuing operations), with losses before taxation of
#58,000 showing a marked improvement from #208,000 (6 months to June 2003 -
continuing operations).

Following the sale of CFA Securities Limited in 2003, CFA is now firmly focused
on servicing the needs of clients who are essentially AIM listed companies run
by entrepreneurs. We now have a team of eight, comprising executives and support
staff, providing corporate finance and broking advice. We are in the process of
recruiting further executives to join the team. This recruitment will ensure
client service levels are maintained as we meet the increasing demand for our
services.

In accordance with my statement on the results for the year to 31 December 2003,
CFA started the beginning of 2004 with a good pipeline of work and with a degree
of optimism that market conditions would enable these deals to be completed and
this was the case in the first quarter to 31 March 2004. However, in the second
quarter, in a number of cases transactions that we anticipated completing in the
first half have either been completed since the end of June or have been
deferred. This adversely affected our earlier expectations of financial
performance in the first half of the year.

Financial review
Despite these factors CFA achieved a creditable result in the first half.
Turnover was #510,000 (6 months ended 30 June 2003: #262,000 from continuing
operations), overheads (including plc running costs) were #609,000 (2003:
#458,000 on continuing operations) and the loss before taxation for the period
was #58,000 (6 months ended 2003: loss #208,000).

These results need to be seen in the context of our having completed the
flotation of Smallbone plc (admitted to AIM on 26 July) and Ragusa Capital plc
(admitted to AIM on 15 July). No income is taken into account in the period in
respect of these transactions, although a significant amount of the costs
relating to these flotations were incurred in the period.

CFA is now retained as Nominated Adviser to 20 AIM companies and retained Broker
to AIM 15 companies. Annualised recurring income currently totals over #340,000
representing approximately 30 per cent of total budgeted group costs, and we
anticipate that our level of retainers and this source of revenue will show a
significant increase by the year end. Our increasing base of retained clients
not only provides a source of recurring revenue but is also a prime source of
transactions.

On 27 May 2004 we announced a placing of 65 million new ordinary shares at a
price of 0.7p per share, to raise #441,340 net of expenses. As at 31 December
2003 the net assets of CFA Capital Group plc were #534,000. The impact of the
placing and the small loss in the period, has been to increase the Group's net
worth as at 30 June 2004 to #914,000, creating a sound financial base.

Current trading
We currently have a strong order book both in respect of a number of AIM
flotations and other transactions partially arising through our existing client
base. On the basis that we complete a good number of these transactions, we
anticipate a satisfactory outcome for the year as a whole.

Summary
On 31 July 2004, John Shaw stood down as a Director of CFA Capital Group plc and
all Group companies. John has worked with me for over 10 years and was a founder
shareholder of the Company in 2001. The Board thanks John for his significant
contribution and wishes him well for the future.

The Board also extends its thanks to the entire team for their efforts so far
this year.

I'm basing my estimate of free shares in circulation considering that institutions and directors will already be holding a significant percentage.

I agree with the PXC figures, however ADVFN quotes CFP as having 435M shares in issue.

CFP is well positioned to be involved in this, and have the management to do this.

The Sunday Times - Money

April 11, 2004

Should you take AIM at small companies?
Shares that are listed on the junior stock market are soaring ahead of their rivals on the FTSE All-Share. By Kathryn Cooper

SHARES on the Alternative Investment Market (AIM) have surged by 67% over the past year and companies are rushing to take advantage of the boom.
AIM is the London Stock Exchanges market for small and growing businesses. Its rules are less stringent than those of the main market to encourage listings.

Investors steered clear of AIM during the bear market because smaller companies are considered more vulnerable to a downturn. But as the economy and stock market have recovered, investors have returned to smaller firms and prices have soared.

AIM stocks have even beaten smaller companies on the main market over the past year. The FTSE Small Cap, the bottom 4% of the All-Share, has climbed 57%; the FTSE Mid 250 has risen 53%; the FTSE 100 of Britains biggest stocks is up only 16%.

Firms have been rushing to float on AIM to take advantage of the buoyant conditions. In the first three months of the year, 53 companies started trading on AIM, more than twice the number in the same period last year.

They included Torex Retail, which supplies services to shops such as Tesco and Dixons Group. Its shares floated on AIM at 55p on March 2 and have already leapt by 12% to 61p. Other recent issues include European Nickel, a mining company, and Floors 2 Go, a wooden-flooring firm. M&C Saatchi, the advertising firm, has announced its intention to join AIM in the near future.

Philip Secrett of Grant Thornton Corporate Finance, a business adviser, said: AIM has returned to the levels of activity last seen in the dotcom boom of 2000. But it looks much more stable than it did then. If there are no major destabilising economic and political factors this year, the buoyant conditions should continue.

So should investors be joining the boom? Gavin Oldham of The Share Centre, a broker, said: When you buy an AIM stock, particularly a new issue, you are often getting the chance to invest in a business at an early stage of its development, so the rewards can be high.

Investors who bought shares in Pipex Communications, an internet services firm, when it floated on AIM in October 2002 have seen their original stake soar 400% as the shares have risen from 2p to 11p.

Over the long term, the smallest firms have delivered the best returns. If you had invested 1 in the equity market at the start of 1955, you would now have 486, according to ABN Amro, the investment bank.

But if you had invested the same amount in the Microcap index, which tracks the smallest 2% of companies, you would now have 8,123. The biggest stock in the Microcap index is worth 160m.

AIM companies are not always small. For example, Peel Holdings, a property group, is worth 964m. However, the average firm is worth just 28m. Growing businesses are more likely to join AIM than the main market because of its less onerous listing rules.

But experts warn that the risks of investing in AIM can be as high as the rewards.

Stephen Marriott of Bestinvest, an adviser, said: We think smaller firms in general should deliver the best returns over the long term, but the risks are high.

They tend to be focused on one sector and may depend on a small management team, so they are more susceptible to a downturn. We would therefore recommend that you have no more than about 15% of your portfolio in smaller-company shares, including AIM stocks.

The best way to invest is usually through a fund, where your money is pooled with that of other investors to buy a portfolio of stocks, which reduces the risks.

Smaller-company funds, which must invest at least 80% of their assets in the bottom 10% of the market, often have big holdings in AIM. For example, Frank Manduca of the

UBS Smaller Companies fund recently increased his holding in AIM stocks from 10% to 20% including a number of companies that have recently floated, such as Civica, a business- services group, and UK Betting.

Marriott recommends the BWD Microcap fund, which has 50% of its assets in AIM, and Framlington UK Smaller Companies, with 31% in the market. For investors who want a fund that is dedicated to the junior market, Marriott suggests the Close Beacon Investment Fund.

If you invest in AIM shares directly, however, you will benefit from a number of tax breaks that are not available to funds. The shares become free from inheritance tax once you have held them for two years, and also benefit from more generous rates of capital-gains tax (CGT).

Everyone must pay CGT on gains of more than 8,200. For most assets, the higher rate falls from a maximum of 40% if you have held the asset for less than a year to a minimum of 24% for more than 10 years.

However, AIM shares are classed as business assets, which means that the rate of CGT drops more quickly. The top rate falls from 40% if you have held the shares for less than 12 months to just 10% after two years.

If you buy shares that have been newly issued on AIM, they may qualify for an Enterprise Investment Scheme (EIS). But the firm must have gross assets of less than 15m before the new issue, and less than 16m after.

If the shares qualify, you get income-tax relief of 20% on up to 200,000 when you hold the stock for at least three years. You can also defer CGT on profits made in the 36 months before or 12 months after subscribing for new shares.

A number of advisers, including Bestinvest and Teather & Greenwood, will build a portfolio of AIM stocks, including new issues, for clients who want to reduce their tax bill. But experts warn that you should never invest in AIM shares simply for the tax breaks.


http://www.timesonline.co.uk/article/0,,2097-1069485,00.html

Why the excitement - will here are the reasons why I think we're on a winner.

1) My motto is when it's comes to investing there are three things. Management, management and management. With any good investment - the management should be the driving force in a company. Can they cut the mustard, are they dynamic, do they have good contacts? I think so if you read the following profile.

Stephen Barclay, Executive Chairman

Stephen Barclay, aged 61, qualified as a Chartered Accountant in 1964 with Robson Rhodes before obtaining an MBA degree from Wharton Business School in 1967. In 1989, after a career during which he reorganised various companies, he established City Financial Associates Plc (formerly Clifton Financial Associates Plc) to provide corporate finance advice to small to medium sized private and public companies. In August 1998, City Financial Associates Plc was purchased by Talisman House Plc (now Seymour Pierce Group Plc) where he became group executive chairman. In December 1998, Talisman House Plc purchased an institutional stockbroker, Seymour Pierce Limited, where he became executive chairman. He resigned as a director of Seymour Pierce Group Plc and various other group companies at the end of March 2001 to found CFA Capital Group Plc. He is a director of a number of public companies including MICE Group Plc and Talisman First Venture Capital Trust Plc and is a governor of the London School of Economics and Political Science.

John Shaw, Executive Director

John Shaw, aged 54, qualified as a Chartered Accountant in 1975 with Touche Ross & Co in London. Subsequently he spent two years seconded to the Quotations Department of the London Stock Exchange returning to Touche Ross & Co to join the Corporate Finance Group until 1982. After a period as a sole practitioner, he joined Chase Investment Bank Limited in 1985, was appointed a director and founded the Equity Investment Group, formed to invest in unquoted companies. In 1990 he joined Henry Ansbacher & Co Limited as an Assistant Director of Corporate Finance. He started working with City Financial Associates Plc in early 1995 and was appointed a director in December 1996. He was appointed a director of Seymour Pierce Limited in December 1998 where he was initially Head of Corporate Finance and latterly Head of Private Equity. He resigned from Seymour Pierce Limited and various other group companies at the end of March 2001 to found CFA Capital Group Plc.

2) They have turned a 2 million loss into nearly a profit if you ignore costs for discontinuing operations - that some turn around.

3) With only small market capital of 3.83M it's feasible to suggest they could make a good profit this year as they have already got off to a good start signing more clients.

A profit of half million would give a pe ratio of 7.66

1 million a pe ratio of 3.83

1.5 million a pe ratio of 2.55

2 million a pe ratio of 1.91.

So it would only take a small profit to make this company super undervalued. Consider the possibility they could achieve a 2 million profit this year, which is the least, I expect, we could be looking at a share price of 7p. YES THAT'S 7P (An average p/e for the sector is 16.) Even with a profit of only 1 million that's still an upside of 3.5p.

3) Consider the fact that some of their clients pay their fee by way of giving large share holdings to CFP. All it would take is two or three creamy companies to give them valuable portfolio holding which they could cash in at a substantial return.

4) The IPO is sector has already increased three fold this year. More and more companies are coming into AIM and from abroad then ever before. Rules have changed where foreign companies can use a fast track scheme to get on board more quickly then ever before. I'm sure CFA Associates are well positioned to benefit with this increase in volume.

5) We could see a re-rating this year in this sector, which would be the cherry on the top.

I rest my case, to me this is a no brainer unless you want to wait for the next results for proof they have achieved profitability. If that's your cautious approach, fine but by then, you can then expect a much higher share price then now.

sue helen could you tell me why the share price has dropped over the last two trading days. Thursday- 0.02 and today 0.06

sue helen could you tell me why the share price has dropped over the last two trading days. Thursday- 0.02 and today 0.06

Hi, just some profit taking, even so finished around 1.5% down today. I would expect the price to consolidate here before the big push past 1 pence. The price is still well up from 0.63-0.70 pence, nothing goes up in a straight line.

Always worth having a look at header post again to calm any nerves.

Some very strong buying has come through today thus far including a buy for 929,622 shares at 0.9 pence. Some more should be coming through as delayed.

Price recovered again to 0.82-0.90 pence.

1 Million Buy reported at 0.9 pence.

Hi Sue!

I know I shouldn't be posting other news here, but in case you haven't looked at CMS Webview thread for a while, final results are due this Friday 16th.

Remember, you haven't seen me on this thread!

Sorry guys. Hope loadsa money is being made on this one.

Back to CWV for me!

TSQ.

Hi TSQ, thanks for that, will join you guys their on Friday morning.

The candlesticks appear to be predicting a large rise tomorrow with the dragonfly doji and hammer. Let's see if the theory works.

Thanks for that overgrowth. There was some very strong buying today with 2*1,000,000 buys reported at 0.9 pence along with another close to a million (960,000 odd) buy at 0.9 pence as well.

Investtech Analysis:

Neutral (Short term) - Apr 14, 2004
Has risen 236% since the bottom on 18 Dec 2003 at 0.25. Shows a strong development within a rising trend channel. A further positive development is indicated, and there is support against the floor of the trend channel. Has risen strongly since the positive signal from a rectangle formation at the break through the resistance at 0.71. The objective at 0.79 is now met, but the formation still gives a signal in the same direction. The stock has support at p 0.74. The poor liquidity of the stock (traded 100% of the days, mean 7.33 mill per day) may weaken the analysis.

Neutral (Medium term) - Apr 14, 2004
Has risen 354% since the bottom on 24 Mar 2003 at 0.19. Is within a rising trend, which indicates a continued growth. Has risen strongly since the positive signal from a rectangle formation at the break through the resistance at 0.46. The objective at 0.73 is now met, but the formation still gives a signal in the same direction. The stock has support at p 0.41. Poor liquidity (traded 100% of the days, mean 7.33 mill per day) weakens the analysis

Volume Balance is very positive.

Neutral (Long term) - Apr 14, 2004
Has risen 354% since the bottom on 24 Mar 2003 at 0.19. Is within a rising trend. Continued positive development within the trend channel is indicated. Has risen strongly since the positive signal from a rectangle formation at the break through the resistance at 0.46. The objective at 0.75 is now met, but the formation still gives a signal in the same direction. The poor liquidity of the stock (traded 100% of the days, mean 7.33 mill per day) may weaken the analysis.

Hi SUE
I purchased the one million shares at 0.90,i now hold 2,285,631.
I plan to hold these long term and have total faith in the management of this
stock,so fingers crossed.look forward to your daily comments on this stock.

Hi there, good to have you on board.

Price down again at the open today for the third consecutive day. Though nothing much in terms of sells has come through, a 750,000 buy at 0.84 pence has just come through.

Price 0.75-0.85 pence.

suehelen . do you still believe in 3 to 4p as a realistic short term target ? and are you still a holder?

Hi Bosley,

My realistic target price is 2-3 pence and not 3-4 pence as I mentioned and I am still holding for a lot more.