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.

OH Yes
Come to daddy.
Fortune favours the brave.
It was all or nothing and it looks like it's all (LOL)
Prospects now very good for this share, new brush, new revenue streams etc.
Well done to everyone who held and continues to do so.
This is still a very bouyant sector to be in, this co has as much chance as any to turn a profit this year.
Steve

Ted what would a fair value of the price be. I am refering to your previous post

good post on ADVFN board chaps from Saddam Bin Laden on his chat with TR last week well worth a read looks like we need to give TR a chance to turn it around.

ww.

Thesaurus,

You tell me dude. I would like to think that we could reach 0.0065-0.0085p between now and the results, but look this company has had a rough ride lately but the fundamentals of the company have never changed. There is still plenty of money in the bank and work is still coming in. People should stop being so paranoid thinking that all the large activity of late is illegal and underhand. For goodness sake leave TR and his gang alone to do what he does best and WORK.
Rant over! and relax!!

Guys look at what the MMs are doing...dropping the bid but leaving the offer up...tells me they want stock.

See a few Lemmings have headed over the cliff... !

The spread has been narrowing over the past few days...........

P

mm's want your stock you can now sell 1.5M @ 0.36P and buy 750k @ 0.41p they are either short of stock or still trying to fill a protected T trade which would account for the missing 50M+ shares which are still unaccounted for.

ww

Ted1, thesaurus

Think thesaurus read of share price is reasonable. We have good charts above. Look back at last July. Essentially we are back to the position then with a deal of optimism about current trading. I believe the company were just unlucky then with several contracts not reaching the light of day and thus no revenue on the payment by results basis. This, of course, is a risky area, but, in my book, is part of the attraction of the share in that there is real gearing to the costs. CFP was trading around 7p or a cap. of around 4.5m. We need to have confirmation that the deals (presumably Dinkie Heel is one) are coming to fruition. Probably a reasonable expectation is that the results in April will point to improving performance so that 0.7p is then a reasonable price objective then. Another plus is the departure of Barclay and Shaw with their costs; we have a working chairman/md now, which is all that is needed for a company of this size. Glad I stacked an extra 3m away around Xmas.

Eric

eric,
you don`t need me to tell you, but don`t sell any of them.
there will be a few short term carpet baggers selling on a quick turn around profit over next 4 or so weeks as price rises, but the good thing is, I think the price will continue rising from here on in and on through the year and could quite easily be back at the 1p level by summer ( 1st july that is !! )

snakey

Really nice optimistic post! My figure of 0.7p is my figure for the level it should be now if we hadn't had the hiccough of the last 6 months. I agree that really good news whould take it above that level so that 1p is not unreasonable. That would be really good for the ASOS challenge and also very good for my pocket; it would still be a cap of 6m which is not a flight of fancy. The most significant thing is that Rawlinson has, quite legitimately of course, topped up his own holding.

Eric

Good RNS from DAN,if only CFP could follow suit. A trading update would be nice if nothing else.

this is only an opinion

ew get real m8

its the same smell with flowers to disguise

i sold when the pooh hit the fan at .28

now has it doubled(nahhhhhhhhhhhh)

has it got anywhere near .7(nahhhhhhhhhhhhh)

ok lets see is it anywhere near 1p(nahhhhhhhhhhhhhhhhhh)

oh lets see

thats right the NEW md tr bought 4million shares must mean something happening

now was this done after the bad news(md and ex employee selling around same time)nahhhhhhhhhhh)
was it done due to shareholders pressing for news(nahhhhhhhhhhhhhhhhh)cause if it were the price would have risen weeks back))

was it to secure loyalty and faith in this share(imho)nahhhhhhhhhhhhhh)

ew can you tell us was their good news coming up

you in the corner hidding do you know

so ew can you tell us was there good news

oh and remember this is just an opinion

maybe im a sceptic

i think ill just watch and read this site from now on as imho noboddy seems to know nowt about anything
regarding poss neg news on this number

i was a big fan because everthing ive read or researched said this was a gower

but i dont have the same zest for it as i had

will be interesting watching certain ppl fly there flags and say how clever they were

but as me old man use to say clever ppl know when to run

just an opinion

deadfred,
You're just pi$$ed off 'cos you sold at a loss...even now the price is relatively much higher than when you sold and you're gonna be REALLY pi$$ed when this gets back to .4p very soon.

Remember...The stock market transfers money to the patient from the impatient.

Maybe your old man should have remembered to tell you that once you've run.....DONT COME BACK.

Fred
Making money has nothing to do with emotion.
You have learned this to your cost.
when I finally sell I'll add my profits to your losses and let you know what it comes to.
You should then write it in big letters and post it on your pc monitor to remind you that theres no fool like an old fool LOL.
Rest in peace old son, Rest in peace.
Steve

Hey! Its be nice to DF season! He's what's called 'heavy relief'; all appears light when he's gone away! Sometimes you need to take it out on someone or something, e.g. by kicking a sandbag or a cat. What would we do if DF did go away for good or kept his sombre world to himself!

Eric

Eric
I dont want him to go away.
Just having my say thats all.
Same as Fred.
Quid Pro Quo Clarice.
S

Well EW and SW,
I, for one, dont take kindly to someone selling up in a share that i continue to hold and then begin a campaign of 'de-ramping'......i'm not quite sure how you guys can justify welcoming the continuous 'haunting' by deadfred but everyone to their own i suppose.

Nice 750k buy near the bell.