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.

If DFGO's estimation turns out to be true then this would be excellent.
The worry is nobody knows. If the company releases RNS that will help a lot.
Good Luck

Best Wishes

andros, DFGO

Helpful posts. Its good to have a constructive debate. The dangeer on a bb such as this is that those participating are all postive because they want to be. So I see andros role as devils advocate very helpful.

DFGO's post ties in with previous ones. Essentially, there is 225K in the bag plus 200K retainer fees (probably low). Quote refers to pipeline so there may be other fees already booked. If 800K booked for the second half, then we would be talking about operating profit for year of order of 500K. That's 0.08p per share or PE of 6. If there is a significant carry forward for next year, then at least it will be clear what the trading level is going forward.

andros seems to be arguing from the low current price. No doubt, he would have argued the same about the ASOS current price a year ago of 5p. Current price is just the effect of market forces. SueHelen, I suggest, hits the nail on the head when she talks about the disinterest of the market at this time of year, so she will be a buyer, but not until the New Year. However, there is an argument that the current price is ridiculously low, lower than the funds injected although the indications are that the company is performing well. Essentially, the company consists of fee-earners, each of whom will earn a very good multiple because fees are task rather than time related, together with a success factor, e.g. in fundraising exercises.

So I fundamentally disagree with andros that the value of CFP has much to do with its price now in the market. If someone was to do a due diligence now, what value would they arrive at? We will know more in March. We may know more earlier, as a result of a level of commitment taken on board by Rawlinson. The only real point in debating this now is to discourage readers from taking a loss now. For new investors, one approach is to follow SueHelen and wait until January, or perhaps end of December, to be in before the price moves. That is only 6 weeks away. The price could move in the meantime. But the decision whether to invest now depends on the alternative homes for your funds.

Eric

p.s. There is a very significant upside for this share, which operates in a very attractive market sector. There just isn't a downside, except possibly in the very short term.

DFGO: The answer to your question is yes.

EWRobson: IF this company produces 500k profit the sp will most likely reach 1p! The market will love it!
I do not think the company has performed as well as we expected. The interims were not up to scratch, people expected a profit not a loss.
I agree selling at this stage at least for my own situation is not a viable option. I cannot recommend this to others obviously.
The chances for this to go much lower are in my view less probable but not impossible in view of the 'likely' release of news from tony r. of CFP.
If news comes this will certainly change the environment.
The email from T.R. is encouraging but can be interpreted either way. It is up to you how you wish to interpret it.
I somehow do not think (not what I wish for) that this company will produce great results. If 250k profit is produced this in my view would be good to sustain current price....time will reveal all.

Best of luck.

andros

I think we respect each others views. It seems that the main difference in viewpoint depends on the view taken of the interims. You are clearly right that the interims disappointed a lot of people. But those interims turned on delay in taking credit for two contracts for which most of the work had been done. 225K of additional sales would have meant a pbt of 125K. The market would probably be looking at 500K for the year or a pe of 12.5 at 1p per share. It seems that the drop in price is largely explained by this accounting practise.

Having said that an expectation at the interim stage of 500K at finals would have supported a price of 1p, I would have thought that such a result in March would move the price further ahead based on the expectations for 2005. 800K in the pipeline now is indicative of significant growth potential. If the amrket looks for 1M in 2005 then that would be a pe of 6 at 1p, or more lokely a price more like 1.5p.

Much of the argument appears to have been half empty v. half full. Lets dirnk to it! Cheers

Eric

Eric: Yes yo are right. In my view 800k in the pipeline is a dream scenario which I do not bank on. You seem to be taking it in your stride. I do not do so on the basis of absence of good evidence. I wish I am wrong in the end and that they manage it. I would rather be cautious than take too much for granted which I did prior to the interims and it backfired.
And I do not think too much at all of this management that is true in view of the way they have manged the market, plus they seem to be unable to understand PR and new technology and take advantage of it.
Problem is at the moment the half empty cup is the most sensible approach and the approach the market takes.
Yea lets hope they come up trumps....cheers to it.

ok ppl's
love reading the pros and cons
but me im sitting back eating cheese and drinking wine(and waiting for more cheep shares
)
andros i think i read you on advfn bb sometime ago

if not you must have read the same guys input(imho very similar style)

basically i look at it like this ive done me research ive taken the opinion that my research and my decision to buy was right

now we can all say this compny is going down this company is going to rocket but in order to make these decisions we must first look at sue helens point in that traditionally around this time ppl sell there shares to give money to santa period

look at the market for say 5-10yrs and you'll see this is so

and as sue said if they are selling big company shares small one must take a hit as well(usually bigger)

so to round up is there any news i aint seen before

hmmmmmmmmmmm NO

is there any reason for me to discount my origional decision to buy?????
imho NO

there would be if i was a shorter though but i aint(cant stand the fellows)

so basically im haveing me cheese and wine and soaking up the rain(opps ment sun)

lol

belive ppl and you will see

the dead

deadfred

I really enjoyed your style and your reasoning! Laid back, yes, but rigor mortis, no! The only problem I have is the 10:28 in the morning. Cheese, OK, unless you want to go to sleep, but wine - I'm still not over the effects of the San Carlos Estate Cabernet Sauvignon from last night. Have just posted some other divine thoughts on the PET bb: now there's a share getting ready for lift off!

Eric

ew i look at it like this if i had bought all my watch list six months ago id be eating me cheese from honalulu(but i didnt) i had
the likes of des(10k) een(10k) sey and of course pet but i got fed up
now you can hit me with a brick now plz

i pick biofuels but did not buy cause im skint
lol well liquidly speaking
lol

so i think ill just chill just now riggy can set in anytime but im not waiting around for it
lol

Afternoon all,

Otherwise engaged, so unable to submit a long post and haven't read all of the above. The one that did stand out was the comments by Andros about the Interims. I am sure you have re-read, but they are quite positive if you do the maths. Personally I will remain a holder and am not particularly bothered if they go down in the short term. Small growing company. Look forward to March!

Regards

PTH

News from The Mail on Sunday 14th November 2004. (page 12, financial)

A Company called Dunn-Line are to raise 2 million when it comes to the market in a few weeks, The groups adviser is City Financial Associates.Broker to the float is seymour Pierce Ellis.

The placing is at 3p.

Dunn-Line operates 113 bus and coaches from depots in Nottinghamshire and Durham and employs 320, the business is 20 years old.

Hope this brings a little life into the share price.

Gone very quiet out there !

corehard, As "the dead" recommended - just been chilling and drinking wine and eating cheese.....

Although - what's this ? newsflow starting.....

Crucial bits from AIM Rule 2 RNS 3741F out today...

COMPANY NAME:
Dunn-Line plc

CAPITAL TO BE RAISED ON ADMISSION:
Approximately 2 million

and the good news:

NAME AND ADDRESS OF NOMINATED ADVISER:
City Financial Associates Limited

NAME AND ADDRESS OF BROKER:
City Financial Associates Limited


Nice bit of commission and another NOMADship - that makes 22 now.

Onwards and upwards....

More cheese and wine please !

just the wine for me , thanks.

any news is good news from CFP but I have previously asked question concerning their stake in Setstone and fact that Setstone have recently cancelled AIM listing. Does anybody know what has happened with Setstone.?? Are they relisted under new name or listed elsewhere and what holding do CFP nopw have in them, as there was a merger!!! with another company mentioned.I have asked same questions of CFP financial man but he has not responded at all!!
pure curiousity but value of CFP holding was reasonable, at approx 120,000 I understand. any snippets appreciated.

allthough im chilled never miss a bargain me old man said and i did'nt
mm i love you
i do i love you thx thx thx

were is the wine now
hmmmmmmmmmm
red me thinks

did setstone become silvermines....

As far as I'm aware, the Setstone relisting isn't going to be until after the 4th Jan. and they may plan a name change in the future but not immediately.

Because STN haven't been trading for ages, I would guess that CFP still have that 120,000's worth of shares and by all accounts they could get double that amount very early into the new year.

thanks for that o/gro.
good luck and bestest