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.

With the 26th being so important be interesting if this appears in the shares magazine

Nice little gradual increase thus far today.

i agree thes, just had a look at trades and some big buys going through. hopefully on its way back up .

Share up almost 5% with volume of 11.2 million. That is alot of interest. I think we can see a gradual progression of maybe 20% by the end of the week going into early next week, and then a real push towards 1-2p mid week.

Hi everyone, been rather busy with my university work over the last week hence the lack of posts.

The share price has consolidated now and the upturn in the price has began today. I bought even more today at 0.72 pence this morning. I would think the price will be testing the 1 pence barrier again pretty soon again. Once we have broken the 1 pence barrier even more interest will gather and we will quickly follow up to 2 pence. Volume was good today with Buys outweighing Sells by 2:1.

Nice to see more contributions by fellow posters.

University Sue Helen?

Hi thesaurus, yes I am studying for a degree in Computation. I am in my final year at the moment. Hence somedays I am here and on some days I am not.

We have two things in common then sue helen. I am in final year for Masters in Economics at a London Uni.

If we get a blue day tomorrow as expected, then it looks as though we could soon be testing the recent highs again and preparing to zoom past the 1p mark. Another 8 days should do it.

what you basing this on overgrowth. And why a blue day tomorrow

Investtech Analysis:

Neutral (Short term) - Apr 20, 2004
Has risen 196% since the bottom on 18 Dec 2003 at 0.25. Is within a rising trend and continued advance within the current trend is indicated. On reactions back, there is support against the floor of the trend channel. Has met the objective at 0.79 after a break of a rectangle formation. The price has now fallen, but the formation indicates further rise. The stock is testing the support at p 0.74. This should give a positive reaction, but a downward breakthrough of p 0.74 means a negative signal. The poor liquidity of the stock (traded 100% of the days, mean 8.13 mill per day) may weaken the analysis.

Neutral (Medium term) - Apr 20, 2004
Has risen 300% 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. The poor liquidity of the stock (traded 100% of the days, mean 8.13 mill per day) may weaken the analysis.

Neutral (Long term) - Apr 20, 2004
Has risen 300% since the bottom on 24 Mar 2003 at 0.19. Is within a rising trend and continued advance within the current trend is indicated. On reactions back, there is support against the floor of the trend channel. Has met the objective at 0.75 after a break of a rectangle formation. The price has now fallen, but the formation indicates further rise. The poor liquidity of the stock (traded 100% of the days, mean 8.13 mill per day) may weaken the analysis.

GoodNight guys!

The MMs over the past 8 days have been gathering stock by eliminating weak sellers. Now the downtrend has been broken there are a lot of new buyers and topper-uppers waiting to get in at exactly the "right" price.

Remember that for the share price there are not many shares available to trade in. The MMs know that this company is going to attract more and more buyers as time goes on, hence they've recently had a good old fashioned "tree shake" and snaffled up a load of shares at bargain prices. These are shares that they know are going to be in demand soon.

With hungry buyers, the last thing the MMs want to happen is to run out of shares and this was a real possibility for them with a lot of the shares out of circulation for some time.

There are so many long term holders looking for at least 10p before they would consider selling, that the price is set to rise steeply.

Don't rely on TA with this one yet as we may see more MM games just for a couple of days. If we don't see blue tomorrow you can bet your bottom dollar that we'll see several consecutive blue days shortly afterwards.

Up a little bit today, up 1.35% thus far at 0.70-0.80 pence. Nearly all buys reported this morning including a 1 million buy at 0.75 pence.

Another 1 million buy reported at 0.80 pence, real spread is 0.75-0.78 pence. May see some further tick ups soon.

Another large buy of 1,143,004 just been reported at 0.78 pence.

3 * 1 million buys have been reported today.

Would of expected larger gains today? Patience is a virtue I guess

On Advfn one recognised poster has posted that two buy orders for 10 million shares each have placed with the MM's to fill.

"what is happening at the moment from what i have been informed is that there are two buying orders of 10m each and that the mm brought the price down to sake out some sellers , that is why you have seen on online buying the volume range to buy move anything up to 1.5 m a figure not seen before on screen , when this buys have been filled and annouced they will be a large uplift in price , hope this is of some help to you all".

Very encouraging.