Final Results Due In March 2005.

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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.

There is no doubt in my mind that the current sp takes into account a significant loss. It also suggests a lack of confidence in CFP moving into profits in the current year; otherwise the cap. would never be as low as 2m. I have put forward the view above, that essentially CFP now is where it was in July, with a decent workload in hand and expectation of that wrok taking it into profits. The plus point now is that they have shed to costs of Barclay and Shaw and the team doing the business is now in control. Unless there is a prior announcement the situation is unlikely to change much until we have the progress report with the results. There will still be some caution until it is known that they are delivering projects and reaping the revenue. OK, we want to know the answer beforre the work is done! But my point remains that, just be taking the six months out of the equation, the price should be 0.6p to 0.7p. 2-300K pbt in the first half would move the price up to 1p. Nothing outlandish in that scenario - not less likely than continuing losses anyway.

Eric

Yippee.
More work for our guys
Shares mag p36
CFA are brokers to mediazest advertising and a write up.
All that and still some sells coming through.

Good spot, Ted. I see that they have already raised 200K from institutions, which was presumably handled by CFP and they they are planning to float mid-February. Guess the force is with CFP! If I hadn't already topped up several times, I would be topping up again!

Eric

Great news that the work is coming in again guys.

It looks as though Tony R is up to the task of making CFP a force to be reckoned with in the AIM market.

I thought we would have seen some blue on this news - after all isn't this the confirmation that folks were looking for - to see real evidence of the company's "rebirth" ?

og

Just what I was thinking. Having said that I have enough shares, approx. 10% of my portfolio although they cost somewhat more in total, I am feeling the top-up urge coming on. Strikes me that it has moved from "hopefully the new man will succeed where his predecessors failed, perhaps unluckily" to "seems likely that he will succeeed." What does success mean: 0.7p by April, 1p by June and 2p by the end of the year. I'll sleep on it!

Eric

Not an unreasonable view of success Eric, a steady flow of deals and it looks as though the pennies will turn into 's at a nice pace.

will cfp be getting a stake in mediazest? i read about thier technology a while ago and mentioned it to a an advertsing/promotions boss i know. he nearly came in his pants , thought the technology was wonderful, had a million ideas about how he could use it. eric , mediazest could be worth looking at.it may be cutting edge technology , but, whispering windows is a fairly simple idea, usually the ones that work best.

CFA Capital Group PLC (the 'Company') announces that Mr Stephen Barclay,
currently non-executive chairman, will be standing down from the Board with
effect from 31 March 2005. Ian Buckley, a non-executive director of the Company,
will take over the role of Chairman from 1 April 2005.

08.53 "o" Trade buy = 1,229,788

I think that this is even more positive news. SB has caused a lot of bad feeling with investors and put the company into a very bad position. Now with him leaving completely I believe we will see a lot of new investors coming aboard especially with all the new work coming through as well. March will be an interesting month me thinks. Time to top up.

Off the other bb from 00HARRY

Rebel something i heard from a broker at a client meeting at the weekend who worked with Barclay , apparently he has a bit a of reputation for skimming the cream and as such quite a lot of clients wouldn't use CFP because of him. He said that there were clients who refused to go into the place when he was there and it is the reason the first man left. The man i talked to is very well connected in the City and would Definately know !

Good riddance appears to be the case .....i also asked about yer new man ( i am not in now left at .56 ) and he said he had a lot of faith that the guy would pull it all together into a good little outfit but it would take time to repair the damage.End.



As I say I believe very very good news all round, this should start coming good good just after the 2 year CGT ends yipeeee.

And the tick up. Watch this space.

Just over 4m in buys and no sells

Another tick up.
The market reacting well to the full departure of SB.

Now up 16%!!!!!!!!!!!!!!!!

UP UP AWAY NOW 30%!!!!!!!!!!!!!!!!!!!!

NOW 50% GOT TO GET IN NOW FOLKS!!!!

Nice one !!!!

Naughty mm's running us peeps up and down hills like that. Could give a bloke a heart attack. lol.

I'd convinced myself last night that I should top up on CFP. Had't decided what to sell so thought this morning I would bide my time. Went out, walked the dog, got the papers and had my breakfast, collected some logs from the church yard. OK, time to buy those CFP. What on earth's happening! Then find Barclay has gone for good and read the posts - fits in with my perception. Have to pay 0.44p per share! Tears of anguish! Think of the nice turn already on the holding bought at Xmas for 0.32p. Tears of joy! Think about the future lolly from my increased holding. lol! ROFL! :-))

Eric

Should see a nice RNS announcing a 'director buy' once Ian Buckley has taken up his position.