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.

Setstone should be returning to the market soon and I would appreciate anybody posting what share holdings CFP have in total for all clients and other companies. I think Suehelen did give a run down on their stockholdings some time back, but I can`t find it.

Eric,

Yes, I've recovered from the decimal-dil.e.mna now. But will make an effort. Must be more careful in future!

Think I will your re-join the Club this week if I can buy in at 32p I mean: 0.32p!). Although I still believe there is no IMMEDIATE rush (IMHO, for what it's worth).

Eric (and others who appear to make frequent postings), do you have any other tips, vested interests? I have a few pennies to invest right now. Want to spread things out with 5 or more punts. Prefer to go for those which will give me a return: anything from 1 month up to 6 months, maximum. I have too many long term rides in the Nest!

Kus.

Agree guys there's no rush to buy in until evidence of deals being done is seen, that will boost confidence in Tony R's ability to deliver as Chairman.

Looks as though we'll be "flatlining" for the next few days.

Kus - as for tips - my hot tip for 2005 is MDW (check out their global reach already, and look at the market they're in - ever increasing with an older population also a major US distribution deal is expected v. soon and results are anytime over the next couple of weeks). As ever, DYOR etc.

Thanks, OG, for MDW tip. Very interesting - prostate diag, etc. What sp do you forcast after results?

Sorry guys for tangenting here!

No probs - Take a look at the past few comments on the MDW board here - there's plenty more info.

The RNS's issued over the last 6 months make very interesting reading also:


http://www.londonstockexchange.com/LSECWS/Templates/T17_1.aspx?NRMODE=Published&NRORIGINALURL=%2fen-gb%2fpricesnews%2fmarketnews%2f&NRNODEGUID=%7bC103284E-F8E8-4B92-8D9B-92B1F95000B0%7d&NRCACHEHINT=Gu


The sp is currently at around 9p (and rising), I can see this being 30p+ by the end of 2005.

Apologies for the off-topic also guys - back to CFP when some news comes through....

Markus-check out Goldfingers recommends, he usually picks some good ones!

Marcus,

you can buy 1M at present for 0.28p

Thanks, OG and Moneyplus. Will look at all these this morning.............

However back to CFP - down this morning on early trade. I can buy at 29p right now!!!!! What's going on, guys? I thought we were at the bottom-end bargain basement prices yesterday????? Are we still bulls? To be honest, I'm having cold feet this morning!!!!!

Hello, WW. 0.28p! Down even more!!!!!! What's happening?

some serious serious off loading today

some serious serious off loading today

pretty serious selling as you say but very little impact on the (pretty crap )
share price. Surprising, as FEI, one of CFP clients, has jumped 60% today and CFP hold a large stake in them ??

Markus

Not all one way in the market. The 0.29p transactions look like buys, including the 1M. Overall total not large in value terms - an odd 50K. Best not to buy a share one is nervous about, though.

Nice to have some spare dosh to invest in the current market. I have built up a stake this week in SEO which is seriously undervalued. One reason is a court case with BPRG which has gone against them and people are worried about how much they might have to pay. I suspect it will turn out to be peanuts against the potential of the RF wrapping film which is bound to replace plastic. Suggest you read Shares Play report of 17th July and take a look through the bb if interested. CYH is undervalued and there is clearly action left in NBH. MPH is another good play. And there is AZM. Where do you stop? All have decent BBs.

Eric

Thanks, Eric. Will DMOR tonight!

From your knowledgable threads it's easy to see that you are a seasoned campaigner on the markets............

markus

Flattery will get you a long way ... but not as far as finance!

Eric

2005 business now starting to come through....

"CREIGHTONS PLC

Appointment of City Financial Associates Limited as Financial Adviser

Creightons plc is pleased to announce the appointment of City Financial
Associates Limited as Financial Adviser with immediate effect."

Durlacher are in talks and their shares have been suspended whilst they attempt to strike a deal. Barclay resigns from CFA and Griffin take most of his stock. Something is definitely brewing in this sector.

From UK-Analyst 12/1/05:

Small cap stocks also benefited from speculation that a wave a consolidation will happen in the pan-European finance sector in the next 12 months. The oft-talked about takeover candidates WH Ireland (up 5p to 136.5p) and Durlacher (up 7.5p to 108.5p) both continued to benefit from the rumour mill.

grevis2, how do you think CFA will fair out

LONDON (ShareCast) - Investment bank Durlacher suspended its shares this morning after receiving a takeover approach from an unnamed bidder.

Durlacher shares have surged this week on rumours a tie-up was imminent and this rise prompted a statement, the broker said.

"The board of directors of Durlacher notes the recent rise in its share price and advises that it is in preliminary discussions with a third party regarding a potential acquisition that would constitute a reverse takeover," it said this morning.

Rrival stockbroker WH Ireland could be the predator according to market gossip, but the statement gave no clues.

Reports circulated last month that new chief executive Simon Hirst has been looking to merge with another small broker. Another possibility said traders is that an overseas player, such as Icelands's Kaupthing, might be considering a move.

Durlacher was one of the fastest rising stars of the dot.com boom and burnt out just as quickly with its market value crashing from just under 2bn at one point to the current 21m.

In recent years, the company has heavily retrenched to focus on corporate broking for small and mid-cap companies.