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.

2 million Buy reported just now at 1.05 pence.

Very interesting sue helen. I know this sounds pessimistic but what are the risks currently for cfp

sue as i said a few weeks ago this little gem has come to daddy all over it
oh i forgot to tell u
im daddy
lol

this announced just now. if the price keeps going up , then the employees are going to be quite wealthy!!!!!!


The Board of CFA Capital Group Plc (the 'Company') announces that on 21 April
2004, it granted the following options to subscribe for new ordinary shares in
the Company to certain Directors as follows:


Director Number Exercise price* Exercise period

SJ Barclay 9,459,459 0.74p 21 April 2007 to 21 April
2014
JR Shaw 5,000,000 0.74p 21 April 2007 to 21 April
2014

* being the mid market price of an ordinary share in the Company at the close of
business on 20 April 2004



In addition, a further 22,062,162 new options have been granted to employees of
City Financial Associates Limited.



Following the above grants, a total of 105,243,243 options have been granted,
representing approximately 19% of the Company's present issued ordinary share
capital.

No risks at all thesaurus, very nicely run company.

yep deadfred.

For these options to be worth anything to Directors or Employee the company share price has to keep increasing to make them worthwhile in 3 years.

Good move, very positive.

what kind of price can we speculate 1-2 years

I won`t speculat a price as it may appear over optimistic or even `ramping` but as my previous posts, all of which support suehelen`s opinion of this company, I believe the share price has a long long way to go yet before it realises it`s full potential

Investtech Analysis ( new updates are very positive, they have been upgraded from neutral to positive).

Positive Candidate (Short term) - Apr 22, 2004
Has risen 288% since the bottom on 18 Dec 2003 at 0.25. Is within a rising trend. Continued positive development within the trend channel is indicated. Positive volume balance, i.e. high volume in days of rising prices and low volume in days of falling prices, strengthens the stock further in the short term. The stock has support at p 0.75. High Risk. The average difference between the highest and lowest price of a moving trading month is 44%.

Positive Candidate (Medium term) - Apr 22, 2004
Has risen 424% since the bottom on 24 Mar 2003 at 0.19. Shows a strong development within a rising trend channel. A further positive development is indicated, and there is support against the floor of the trend channel. 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. Positive volume balance, i.e. high volume in days of rising prices and low volume in days of falling prices, strengthens the stock further in the short term. The stock has support at p 0.41. High Risk. The average difference between the highest and lowest price of a moving trading month is 44%.

Positive Candidate (Long term) - Apr 22, 2004
Has risen 424% since the bottom on 24 Mar 2003 at 0.19. Is within a rising trend. Continued positive development within the trend channel is indicated. Has risen strongly since the positive signal from a rectangle formation at the break through the resistance at 0.46. The objective at 0.75 is now met, but the formation still gives a signal in the same direction. Positive volume balance strengthens the stock further in the short term. High risk.

US stocks end sharply higher as earnings excite
AFX
U.S. stocks ended sharply higher Thursday in a broad-based rally, as a slew of strong quarterly results helped investors refocus on earnings, and pushed concern over prospects for higher interest rates into the background.

Blue chips were bolstered by gains for Caterpillar and Boeing, which overwhelmed weakness in Coca-Cola, while the technology sector got a boost from earnings-related strength for Qualcomm and eBay.

'The market decided to stop worrying about inflation for the moment and interpreted the latest economic data in a positive way,' said John Hughes, market analyst at Shields & Co. 'Some inflation can be good for earnings, since it helps restore pricing power to companies.'

He added, however, that the market is still in a 'transitional environment,' and will likely continue to consolidate within a narrow range over the near term.

The Dow Jones Industrials Average powered up 143.93 points, or 1.4 percent, to 10,461.20, with 25 of 30 components heading higher. That was the biggest rally in the blue chip barometer since it closed up 170 points on March 25.

The S&P 500 Index hiked up 15.86 points, or 1.4 percent, to 1,139.95, and the technology-friendly Nasdaq Composite rose 37.28 points, or 1.9 percent, to 2,032.91.

The Nasdaq's surge was the strongest since it closed up 42 points on April 2.

In the broad market, advancers dominated decliners by a 24 to 8 margin on the NYSE and by a 2-to-1 score on the Nasdaq exchange.

Volume was relatively heavy at 1.8 billion shares on the Big Board and 1.8 billion shares on the Nasdaq.

The U.S. Labor Department said that its producer price index rose 0.5 percent, while prices excluding the volatile food and energy components rose 0.2 percent. Both index measures matched expectations.

In addition, first-time claims for state jobless benefits in the latest week fell by 9,000 to 353,000, but the four-week average rose 2,250 to a seven-week high of 347,000.

UBS economist Maury Harris said the PPI data suggest a further acceleration in prices and claims figures suggest a 'gradual' further improvement in the job market.

Meanwhile, Ed Peters, chief investment officer at Pan Agora, said that while the investors continue to worry about whether the Federal Reserve will raise rates within the next few months, he doesn't anticipate 'any sort of change in policy by the Fed until after the election and probably not even until early next year.' Listen to audio report.

Dow standouts

Within the Dow, Caterpillar surged 4.2 percent after it handily topped first-quarter earnings expectations and raised its 2004 outlook (), and Boeing shot up 3.5 percent after saying it expected first-quarter earnings to 'significantly exceed' expectations ().

Insurance powerhouse AIG and Merck recovered from earlier losses to post gains after reporting better-than-expected first-quarter earnings (read more on and ).

Financial and travel-related services firm American Express chimed in with a midafternoon report that also exceeded earnings and revenue expectations.

Elsewhere, Alcoa hiked up 4.3 percent after shedding 6.6 percent over the prior three sessions.

Coca-Cola was the big loser, shedding 1.3 percent after Morgan Stanley downgraded the stock on uncertainty over management succession and valuation.

Elsewhere, wireless technologies heavyweight Qualcomm rose 3.1 percent as fiscal second-quarter earnings and revenue exceeded expectations, and after the company raised its 2004 earnings forecast.

Internet stocks got a boost from an 11 percent surge in sector bellwether eBay , which exceeded first-quarter earnings and revenue expectations ().

The auto sector was driven higher by Visteon's 8.2 percent gain on the back of its Q1 report and raised 2004 outlook, as well as by Ford Motors' 5.6 percent rally resulting from an analyst upgrade.

Meanwhile, chip equipment maker KLA-Tencor slumped 4.5 percent and acted as a drag on the sector , after the company reported better-than-expected fiscal third-quarter results, but warned of a fourth-quarter orders decline.

Elsewhere, networking , airline , gold and oil service sectors gained ground.

Bonds, currencies, gold, oil

The bond market shrugged off the economic data, to end a three-session losing streak. The benchmark 10-year Treasury note was up 13/32 to close at 97 2/32.

The yield on the 10-year Treasury note fell to 4.37 percent from 4.43 percent at the previous U.S. close. See .

The U.S. dollar was down 0.6 percent vs. the euro at $1.1904, but had surged to a five-month high of about $1.1780 in overnight trading. Against the yen, the buck rose 0.1 percent to 109.46. See .

Within commodities, June crude futures bounced 98 cents to $36.71 per barrel and nearly recovered the $1.36 they lost over the past four sessions.

Gold futures put an end to a three-day losing streak that saw the metal's price drop by a total of $10 an ounce.

On the New York Mercantile Exchange, gold for June delivery tacked on $2.50 to close at $393.90 an ounce.

Earnings deluge

In what was the busiest reporting day of the first-quarter earnings season, investors were bombarded with a slew of quarterly reports.

Outside of the four Dow components that reported results, former Dow member AT&T said first-quarter profits fell to 38 cents a share from last year's 73 cents, while revenue declined 11 percent to $7.99 billion.

Analysts surveyed by Thomson First Call had been expecting earnings of 33 cents a share, but the stock fell 3 percent.

Media giant Viacom reported first-quarter earnings of 41 cents a share, up from last year's 25 cents. Adjusted for nonrecurring items, earnings of 33 cents a share topped analyst forecasts of 31 cents.

Revenue rose 12 percent to $6.8 billion, exceeding analyst forecasts of $6.5 billion. (Viacom is a significant investor in MarketWatch.com, the publisher of this report.) The stock closed down 0.5 percent at $40.79.

UPS' first-quarter earnings grew to 67 cents a share from 54 cents, and topped analyst forecasts by a nickel a share. Revenue rose 11 percent to $8.9 billion. UPS shares rose 1 percent to $71.94.

With the US markets closing up strong we should be on course for another bumper volume day tomorrow. Volume closed at around 52 million today.

Night everyone.

SueHelen, Thanks for keeping us up to date with all this information. Most helpful. Cheers

Another good start today. Price up to 1.0-1.1 pence, up 3.45%.

i cant belive the amoumt of ppl not in this share
ive been shouting about it for some time and they wont listen
oh well ill have to just buy more my self
lol

Price 1.13-1.22 pence, up 15.76%. 2 pence will come very soon now.

sue what makes you think 2p is in sight its been a long haul just to get here
i can see a break then maybe 2p but not for a week or two
imho of course and im relativly new to shares and only buy on gut instinct
i had these at .0055 (seemed at time for ages but the light is at the end of the tunnel now)i hope

I said yesterday I'ed hope they would hit 1.25 by end of month, seems like 1.25 will be here today. :o) (In at .99 175000)
Thanks Sue H... I can buy a drink with the profit already!;