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.

This new thread has been started on Sharecrazy.com NB, by Maytrees a well known and very well respected investor,whats exciting is that this guy wont ramp and shout about shares just to hype them, he looks into every nook and cranny and to have him interested in this share is yet another positive step forward.

Griffin Group PLC
15 November 2004



FOR IMMEDIATE RELEASE Date: 15 November 2004

GRIFFIN GROUP plc
('Griffin' or the 'Company')

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2004

Financial highlights:

• Turnover up 404% to 3.31m (2003: 0.66m)


• Profit before tax up 987% to 453,642 (2003: 41,737)


• Earnings per share up 389% to 0.93p (2003: 0.19p)


• Net current assets up 273% to 1,115,638 (2003: 298,823) including cash
at bank of 711,500 and publicly tradeable investments of 946,428


• Net assets up 79% to 1,700,375 (2003: 951,554)


• UK operations launched in last six months, achieving five new AIM
admissions, completed three corporate transactions and raised around 5
million of new equity for these projects


• US operations raised directly and with co-agents approximately 78
million of new equity for emerging growth companies.


Enquiries:

Griffin Group plc
Stephen Dean, Chairman 0034 605 282 211
Adrian Stecyk, Chief Executive 001 646 258 7269

Beaumont Cornish Limited
Roland Cornish 020 7628 3396

Parkgreen Communications
Justine Howarth 020 7493 3713



CHAIRMAN'S STATEMENT

I am pleased to be able to report a significant improvement in the performance
of the Group during this last financial year . This reflects the improved market
in which the Company operates, the continuing improvement in the contribution
from the US business and the additional contribution from our UK business,
formally launched earlier this year.

In the year ended 30 September 2004, turnover increased 404 per cent. to
3,310,569 (2003: 657,353) as a result of an increase in completed transactions
in the period. Administrative costs rose as a result of the additional business
at 1,495,352 (2003: 510,031). Profit before tax and earnings per share
amounted to 453,642 (2003: 41,737) and 0.93p (2003: 0.19p) respectively.
Shareholders' funds increased to 1,700,375 (2003: 951,554). The Directors do
not propose to declare a dividend (2003: nil). At the end of the year, the
Company had cash on hand of 711,500 and warrants and shares held as short term
stock of 946,428.

Griffin Securities Inc ('Griffin US')

Our investment banking revenue gained momentum in 2004 with a record 78 million
in new equity raised directly and with co-agents for emerging growth companies
including 41 million with Deutsche Bank for Cypress Biosciences and 13 million
with AG Edwards for 8x8.

Research remains a critically important part of Griffin US. We believe that a
strong, differentiated research effort that is firmly aligned with the interests
of our investing clients will be an important part of our equities business
development. Our analysts' hard work has identified emerging growth
opportunities and helped establish the Griffin brand in the US investment
community. We will continue to shape our research so that the qualities our
clients value most, independent thinking and timely insights are at the
forefront of our proposition to investors.

Our brokerage business which provides clients with on-line and broker assisted
open market transactions has also added a niche service in processing and
placing securities with Rule 144 selling restrictions. In 2004, we assisted
clients with their Rule144 shares and subsequently placed around 10 million
worth of these shares with investors.

2004 also marks the Group's entry into the investment management side of the
financial services business. In August, Griffin Investment Management LLC was
formed in the US to manage alternative asset investment funds. Griffin Crossover
Fund LCC was also formed to make private investments in public and private
companies. On a portfolio basis, the Fund is focused on producing the type of
above average returns usually associated with private equity while achieving the
liquidity usually associated with investing in public companies. In short, the
Fund's strategy is to balance risk and above average return with various levels
of liquidity.

The Fund's crossover private investment approach generally targets companies at
their inflection point where the company's use of new capital should produce
significant operating results, increasing the value of the company and of the
Fund's investment. Of interest to the Fund are US emerging growth public
companies, later stage US private companies, and US and UK private companies
scheduled to be traded on AIM. The synergistic relationship with Griffin
Securities US and UK gives the Fund access and insight to investment
opportunities not generally available to other funds or individual investors.

Griffin Securities (UK) Limited ('Griffin UK')
Griffin UK has undertaken six transactions in the second half of the year by
supporting, organising and providing founder share capital to five new AIM
flotations and through securing board control of a further AIM traded company.
Three of these AIM companies have subsequently made strategic investments in
various industry sectors and their respective share prices have performed well.
Griffin has advised on three acquisitions which generated fee income and raised
around 5 million of new equity for these projects.

The new AIM admissions promoted by Griffin UK are as follows:

Metrocapital Under new management and seeking to develop financial services
opportunities

Techcreation Under new management having invested in two USA film
plc projects

Euro Capital Under new management and seeking suitable investment
Projects plc strategy


Tower plc Under Griffin UK management and with around 2m of cash
resources

Pearl Street Under Griffin UK management and recently made its initial
Holdings plc investment in a health sector project

Griffin UK introduced Retec Interface to Elite Strategies plc and assisted in
raising in excess of 1m to provide development and acquisition funding for this
business.

Griffin UK's policy is not to maintain large long-term holdings in these
companies and, whilst a management agreement exists whereby Griffin provides
administrative support to these new AIM companies, Griffin UK looks to input
appropriate new executives into these companies at an early opportunity, once
the strategic direction of each company is determined.

Group Financial Overview

During the year, the Group has achieved pre tax profits of 453,642, which
together with the new shares issued during the year for 417,962 (after issue
costs), has resulted in net assets of 1,700,375 as at 30 September 2004. This
represents net assets per share of 4.3p (2003: 3.7p). Earnings per share have
increased by 389% to 0.93p (2003: 0.19p) which, based on the current share
price, puts the shares at a p/e of around 6.25.

As at 30 September 2004, the Group's cash balances were 711,500 and the Group
also held investments (publicly tradeable on markets in London and New York) at
book values totalling 946,428, all held for short term disposal. The Group's
only debts are the convertible loan notes totalling 225,000 which are due for
repayment or conversion in March 2005. Accordingly, the Directors consider that
the Group's financial position and its trading position are now very
satisfactory.

We believe the Group's financial performance for 2004 supports the Directors'
belief that the economic climate is conducive to the smaller company markets in
which we operate. The Directors are actively seeking strategic opportunities. In
the last year, we have increased the Group's profile, developed the UK operating
business and increased shareholder value substantially. The Directors believe
the current year will present substantial opportunities for the Group's future
success.

The people of the Group have worked hard to achieve these record results and the
Board would like to thank all of them and the Advisers for their continuing
support and loyalty.

Stephen Dean
Chairman



GROUP PROFIT & LOSS ACCOUNT

For The Year Ended 30 September 2004

2004 2003


TURNOVER 3,310,569 657,353

COST OF SALES (1,250,651) -
________ ________
GROSS PROFIT 2,059,918 657,353
Administrative expenses (1,495,352) (510,031)
Goodwill amortisation (105,748) (105,748)
_________ _________

OPERATING PROFIT 458,818 41,574

Interest receivable & similar income 3,261 163
Interest payable (8,437) -
_________ _________
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 453,642 41,737

Taxation (121,627) -
_________ _________
RETAINED PROFIT FOR THE YEAR 332,015 41,737
_________ _________

Basic earnings per share (note 1) 0.93p 0.19p
Diluted earnings per share (note 1) 0.93p 0.19p

The Company made no recognised gains or losses other than the result for the
year.

All activities derive from continuing operations.



GROUP BALANCE SHEET

As at 30 September 2004

2004 2003

FIXED ASSETS
Intangible fixed assets 578,456 684,204
Tangible fixed assets 6,281 11,183
________ ________
584,737 695,387
________ ________
CURRENT ASSETS
Investments (note 5) 946,428 365,245
Debtors 641,681 82,059
Cash at bank & in hand 711,500 48,673
_______ _______
2,299,609 495,977

CREDITORS: Amounts falling due within one year
Convertible debt (225,000) -
Other creditors (958,971) (197,154)
________ ________
NET CURRENT ASSETS 1,115,638 298,823
________ ________
TOTAL ASSETS LESS CURRENT LIABILITIES 1,700,375 994,210

CREDITORS: Amounts falling due after more - (42,656)
than one year
________ ________
NET ASSETS 1,700,375 951,554
________ ________
CAPITAL & RESERVES
Called up share capital - equity 1,974,181 1,299,181
Share premium account 557,972 815,010
Profit & loss account (831,778) (1,162,637)
________ ________
EQUITY SHAREHOLDERS' FUNDS 1,700,375 951,554
________ ________



GROUP CASH FLOW STATEMENT
For The Year Ended 30 September 2004
2004 2003


NET CASH INFLOW FROM 35,374 59,852
OPERATING ACTIVITIES (note 2)

RETURNS ON INVESTMENTS &
SERVICING OF FINANCE
Interest received 3,261 163
Interest paid (8,437) -
________ ________
NET CASH (OUTFLOW)/INFLOW FROM RETURNS ON INVESTMENTS &
SERVICING OF FINANCE (5,176) 163

TAXATION
UK corporation tax paid - -

CAPITAL EXPENDITURE & FINANCIAL INVESTMENT
Purchase of tangible fixed assets (6,882) (2,057)
________ ________
NET CASH OUTFLOW FROM CAPITAL EXPENDITURE & FINANCIAL
INVESTMENT (6,882) (2,057)

ACQUISITIONS & DISPOSALS
Purchase of investments - (365,236)
Disposal of investments - 2,264
________ ________
NET CASH OUTFLOW FROM ACQUISITIONS & DISPOSALS - (362,972)

EQUITY DIVIDENDS PAID - -
________ ________
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING 23,316 (305,014)
________ ________
FINANCING
Issue of ordinary share capital 675,000 332,412
Costs of share issues (257,038) -
Debt finance introduced 225,000 -
________ ________
NET CASH INFLOW FROM FINANCING 642,962 332,412
________ ________

INCREASE IN CASH (notes 3 & 4) 666,278 27,398
________ ________

NOTES

1 Earnings per share

The basic earnings per share are calculated by dividing the profit for the
financial year attributable to shareholders by the weighted average number of
shares in issue. In calculating the diluted earnings per share, share options
and warrants outstanding have been taken into account.

The weighted average number of shares were: 2004 2003
Number Number
Weighted average number of shares 35,577,892 21,648,611
Effect of outstanding warrants and options - -
_________ _________
Adjusted weighted average number of ordinary shares 35,577,892 21,648,611
_________ _________

Basic earnings per share 0.93p 0.19p
Diluted earnings per share 0.93p 0.19p
2 Net cash inflow from operating activities

2004 2003

Operating profit 458,818 41,574
Depreciation 11,784 2,066
Amortisation 105,748 105,748
Provision against investments 18,300 (9)
(Increase)/decrease in investments (599,483) -
(Increase)/decrease in debtors (555,250) 54,311
Increase/(decrease) in creditors 595,457 (143,838)
_______ _______
Net cash inflow from operating activities 35,374 59,852
_______ _______

3 Reconciliation of change in cash to movement in net funds

2004 2003

Increase in cash in the year 666,278 27,398
Debt finance introduced (225,000) -
_______ _______
441,278 27,398
______ ______



4 Analysis of net cash and debt

2003 Cashflow 2004

Cash at bank 48,673 662,827 711,500
Bank overdraft (3,451) 3,451 -
________ ________ ________
Net funds 45,222 666,278 711,500
Convertible loan notes - (225,000) (225,000)
________ ________ ________
45,222 441,278 486,500
________ ________ ________
5 Investments

The investments represent shares which are publicly tradeable on a recognised
market in either USA or UK.

6 The Board of Directors does not propose to pay a dividend.

7 The financial information set out in this document does not constitute
statutory group accounts.

8 The report and accounts for the year to 30 September 2004 will be posted to
shareholders and, after being laid before the Annual General Meeting, will be
delivered to the Registrar of Companies.

Copies of the Report and Accounts will be available to the public, free of
charge, from the office of Griffin Group plc, Hilden Park House, 79 Tonbridge
Road, Hildenborough, Kent, TN11 9BH during normal office hours, with the
exception of Saturdays, Sundays and bank holidays, for one month from today.

Enquiries:

Griffin Group plc
Stephen Dean, Chairman 0034 605 282 211
Adrian Stecyk, Chief Executive (USA) 001 646 258 7269

Beaumont Cornish Limited
Roland Cornish 020 7628 3396

Parkgreen Communications
Justine Howarth 020 7493 3713




This information is provided by RNS
The company news service from the London Stock Exchange

Taylormade, where do you see the SP going from here?

This is starting to look very promising again just brought in again

Hampi-man, its hard to answer that one,all i can say is with Deans interest it can only been seen as positive after all he is noted for increasing profitability within companies his involved with. But people buy the price rises people sell it goes down. I think back to .75 shortly.

are we to look forward to Griffin reversing into CFP as they did with Cater Barnard, only to break away again ??? what`s in this deal and for who ??
I do sincerely hope it is all positive for CFp holders and the company.

stephen dean?
which one??????
hopefully not the one that lines his own pockets at the expense of others!
wishing everyone a peaceful new year.
with love and peace to everyone everywhere.

taylormade

Important matters first! Just picked up a taylormade 580 driver at one-third the UK price in Vancouver! Set up for new season.

Thanks for Griffin post which I think is very relevant. Griffin seem quite complimentary to CFP, concentrating more on development, including funding. It seems reasonable that they will be a source of business and the share acquisition at least cements a working realtionship if not leading to an takeover. Is your reading that Rawlinson is close to Dean? May be a blessing that Barclay and Shaw are no longer in control. It may be, as sometimes happens, that Barclay had something to prove to himself in setting up CFP but realises that he is either past it or it is not really playing to his strengths which are presumably as a consultant rather than entrepreneur. I liked Rawlinson's reply. What do we know about him?. Is there anything in Samon's worry about Dean?

One difference between Griffin and CFP, I suspect, is that Griffin are more in control of their clients and therefore their revenue is less at risk. CFP appear to have a more administrative role. However, business via Griffin will presumably be less risky. The CFP announcement implies a positive raft of bubiness going into the New year so that 2005 has a very good chance of being profitable. If profitable, then the profits could start approaching the level for Griffin. happy to have bought another tranche today - yesterday for you folk.

Eric

That's another 2 mill. stached away. Come on, chaps, I don't think I can drive the price up on my own!

Eric

Two threads on this share?
Is someone being mischievous?

I already hold these (-),,PET(-) PCI(-) EPO(-)maybe next year a(+),anyway wishing you all A HAPPY AND HEALTHY NEW YEAR .doug

what`s with the Griffin SP @ 5.6 P/E ratio and profits etc increased exponentially from previous but SP remains static for last 8 months and no jump following,what would appear to be, great results in November???. Do the MMs know something that is not apparent to all of us ??

Could be-- beware of Stephen Dean!! I have held shares in his previous hot shot companies ART being one and only succeeded in losing money--he looks after himself first and last, shareholders are left out of pocket.

moneyplus - With the Griffin involvement in CFP, it looks as though this is a slightly different scenario.

Stephen Dean does indeed ramp up his "hot shot" companies and then sells out quickly, however he has previously made his strategy clear of Griffin not being a long term holder of any companies they promote.

Griffin investment in CFP is different, because they are using CFP as a vehicle to get the hot shot companies into the AIM index, whilst Griffin are free to ramp away.

In theory this should put a lot of new business in CFP's direction - just be wary of investing too early in the companies they will be acting as NOMAD/broker for.

Thanks Overgrowth--happy and prosperous new year to you. 2004 was a lot better for me with a lot of good advice from friends on this board and steering clear of ramps.

Interesting that Griffin issued a share placing today to raise 77,000 +/-.
would this have anything to do with our new, special relationship ??

snakey something's definitely going on in the background - did you notice that the placing was at a premium to their current shareprice ?

yes, and after they announced year end results for september holding 711,000 in bank alone, apart from nearly a million in tradeable investments. so how much does 77k buy you against that collateral??? but I suppose they don`t lose interest when it`s somebody elses dosh.

Held CFA (prev Abinger) for 3 years before coming out with a small profit, last year. Knew, at the time, that it was way overpriced based on fundamentals so this was obviously due to some kind of OTT promoting! No surrprises as shortly afterwards the shaare price began its slide to where it is now usually bearing a large spread, as well.

IMHO the price may very well soar ONE DAY but not for maybe 12 months+ and not to over a quid as one enthusiast predicts! The current price is about right I would say.

Dear EW do you still feel upbeat about the short term prospects? Like you I have bought further shares taking adavntage of current low price.There is probably an equal split between positive and negative feelings on this thread. I hope we ahve got it right!