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.

PTH,

Go into "About CFA" on the website and click on a name - up pops a description of who they are and an e-mail address.

Because SB is a bit "old school" he may not check his e-mails too frequently - Tony Rawlinson's the MD - try him.

Of course there's always the phone...(individual numbers provided on the same page).

Cheers

OG

OG,

Thanks for that. I have sent the MD an email re news, if I get a reply I will post both.

Regards

PTH

Blimey, this was a quick repsonse:


"Dear Mr Rawlinson,

As a small investor in CFA, I thought I might take
this opportunity to write to tell you how impressed I am with the CFA
management, and indeed the progress of the Company. However, whilst I am
certain that my investment will be rewarded in the long term, I do feel
that CFA do little for their Investor Relations Image. You will have
noticed that since the Interims the Share Price has slid somewhat, not I
believe because there is anything amiss with the company, but entirely
on lack of news. Whilst I am sure you are all busy beavering away
working on new deals, this is not obvious to the new, or even existing
investor. I am sure you would agree that a strong and fair share value
is in everyone's interests. I, and other investors are somewhat
frustrated that you fail to inform your shareholders, (and prospective
investors), of how our company is faring. I do not for one moment
suggest that you should release a RNS at the drop of a hat, but some
news at the moment would be most welcome.

As I alluded to above, my comments are not just my own, you only have to
visit Financail Bulletin Boards to realise that this is a frustration
shared by many significant private investors.

Incidentally, as far as CFA is concerned I am a long term investor, so
am not trying to make a quick buck, but I would like to see occasional
evidence that I have invested wisely!"


"Thank you for your note. As you say being a small team we do tend to be
preoccupied getting on with the work and to worry about shareholders
only twice a year when the results are published. There is more we could
do in terms of announcing our involvement in completed public
transactions and we will rectify this.

It is difficult for me to comment on the share price in isolation. We
also are long term holders and day to day movements are less important
to us.

Kind regards

Tony Rawlinson"

In essence then, they are going to address the PA side of the business.

Regards

PTH

well done pth.

Good stuff, I think it does no harm to contact companies and from the response ( assuming it was not "bullshit" to keep everyone happy) it appears to have made the right impression.Am a recent buyer so I have my calculator poised ready to assess the profit should the price decide to move. Optimist arent I!

Thanks ptholden, hope you did not mind me mentioning it on the other BB.

You are right it is very confuing having 2 threads on there

ww

Well done indeed, pth (plus overgrowth). It seems from the reply that he has taken an action in direct response to your e-mail. So hopefully we will see something in the next week or two.

Eric

Plenty going on at CFP by the sounds of things guys.

Jazmine on advfn gave Tony Rawlinson a call today (odd coincidence PTH), he didn't give any specific info. (as only to be expected), however did say that they are working 10-12 hour days !

I'm sure that plenty of news is just around the corner.

Before you get any ideas, I am not Jazmine, nor do I wear women's clothes, (well, unless I'm cutting down trees!!).

Regards

PTH

lol!

pth , its ok . its nothing to be ashamed of. lots of us wear womens clothes...especially their girlfriends tight little knickers...mmmmm

bos.....you've got problems!! LOL!

Dear Bos you are not a..............................lumberjack by any chance are you?

hes more than a bloody lumberjack
roflmao

pth there must be a site on here for some help and askin the ppl at cfp might not be a bad idea
roflmao

crossdressers
fun
party

well i never knew that lol
jokin pht jokin

but i dont know to much about that bosley
lol

guys.... i was only joshing. getting a boring waiting to make my millions from cfp so i thought i would liven things up a touch. for the record , i do not wear womens clothing. ........and im not a lumberjack.ok?

please excuse "pythonesque" jokey connection..................Ive got a nice frock if your going somewhere special?

Sure Bosley............... we believe you!! :-))))

LOOK im not a blody lumberjack , ok? i have never been a lumberjack nor have i ever wanted to be a lumberjack. ( although i have to confess to cutting the occassional "log" short in the morning if i am late for work.....)

No but i bet you "put on women's clothing and hang around in bars"(copyright payment on way to John Cleese and co)

looking at the second half of your name, will, that might be more your social habit.....:)