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.

Hi deadfred, no it was not aimed at you, thanks.

I have bought back into these first thing this morning at 1.25 pence. AGM is only a couple of weeks away.

Will be back with a summary in the evening. See ya later guys.

no problem sue good studying lol
right the bottom line with this share is the only way is up
lots of small profits make big profit so letsa not get to greedy
this company is in a neche market in it operates with the aim market period
there specilising in bringing small companies to market and as far as i can see there are more companies coming to the aim market for tax reasons so it should boad well just my opinion
but hey dyor

a bit of rise

Hi all,
I find it difficult to see this company as a winner so have not bought shares.
Does anyone else agree with me ?
rgds aj

i dont know what or if you smoke but hey id give it up
what were u looking at the front page of the book try opening it up there specialising on the aim market and have had a few contracts to date
the announcment yesterday that some ppl took as a bad statment just says hey things are going fine and as there name appears more and more and it will the profile will rise just look at the bb boards around the finance ppl
no mention of cfp three weeks ago now everyone has one thread on it
hmmmmmmmmmmmmmmmm
cant see the difficulty my self

open the book and look
imho of course and remember dyor

Arjen can you PLEASE explain to me why exactly you hold that mistaken view?? does 150% rise in 7 days not tell you anything. Cater Barnard prospects are not hakf as good as these. So please let me know why you have come to this conclusion

Hi thesaurus,

Perhaps my view is mistaken.I only said :- Does anyone else agree with me ?
Does anyone ?
rgds aj

AJ - I agree with you.

Aj
I totally disagree with you, and I base that on track record.

Willio2 do you want to give a reason y u agree with arjen

arjen , cfp is a play on stock market recovery . there may be safer plays , but i think this has a great upside, potential. as the market continues to recover then theres more confidence and more firms will float . cfp specialises in bringing small companies to the market . not all the companies they are brokers or advisers to look particularly fantastic but some look promising . as long as cfp are kept busy then they are making profit.its a bit of a gamble , yes , but , could be a nice gamble in medium term.

I would be looking at getting some SPS tomorrow after the excellent news today !

Hi bosley,

I know it specialises in bringing small companies to the market but this is
exactly what I am worried about especially in the context of the stock market
recovery i.e.they NEED the recovery.
You say it is a bit of a gamble.I agree.Why gamble when there are better
alternatives ?
rgds aj

Ajren - "the recovery" has been happening for the past year in case you hadn't noticed. By the time the financial pundits tell us that the recovery is well and truly underway it'll be close to the end lol!

I'm sticking with CFP, because the company has been turned around and is destined for great things. Because there are only a few shares in circulation (and no open offers/rights issues likely) the price will grow at a healthy pace.

What are your better alternatives? - I'd like to check them out to see if they're worth a punt also.

arjen , yesterday shares mag tipped daniel stewart. this is what it said

Daniel Stewart Securities (Ofex) LONG TERM BUY 2.125p BUY
It is quite rare that Shares recommends investors put their money in to a stock quoted on the fledgling Ofex market, due to the liquidity issues that surround it, but small company broker Daniel Stewart is one high-quality exception.

DS, which reversed into investing shell ECTWO, may have made losses for the last two years, but has firmly turned the corner, and is firmly punching above its weight on all fronts.

None more so than in the new issues market, where the company is currently working on five or six placings on to the AIM market, as well as being instructed by a number of companies looking to move from Ofex to AIM.

In the past the wider market has viewed DS, perhaps unfairly, as only being able to raise small amounts of money for companies, but the Teleunit float (see page 29) will hopefully eschew such beliefs, giving that EUR20 million is being raised for it.

In addition, the company has taken on a significant number of nominated adviser and broker roles in the last couple of months, culminating recently in being appointed joint broker to fully-listed Retail Decisions(RTD)\.

The companys staffing levels have been raised in the last 12-18 months to cope with all this, hiring a second research analyst and beefing up the sales desk.

This has allowed to look at alternative areas of financing too, such as film finance, for which it is advisor to Grand Films LLP, as well as printing leasing, which it took on earlier in the year.

The Grand Films money raising is due to close shortly, and early indications suggest that it has been highly successful. But the same cannot be said for the companys foray into printing leasing, which only started earlier this year, and has run into problems because of the available lines of credit open to a small broking house with a relatively limited balance sheet. Daniel Stewarts initial outlay on this was very small,

That said, the numbers for the year to March should be promising, and after losses of 142,000 in the year to March 2003, it is expected that the company will return to profit when it announces its 2004 numbers in late May.

What is more, all being well, the company is hoping to announce a move up to AIM in the autumn, and this is likely to accompany interims due out in October. The board is to be beefed up to ensure that this is a success, and investors would be wise to buy in now before too many others catch on.


Shares Summary

Comparisons with other brokers are difficult due to the lack of forecasts in the market place, but Daniel Stewart is growing profitably, and should not be ignored.

In both the new issues and corporate broking markets, it is hitting above its weight, and deserves to be recognised.

The expected move to AIM later this year should bring about a more realistic value on the shares.

Business: Small cap broker

personally , i think the same applies to cfp. but it is one step ahead of daniel stewart as it is already busy and has an aim listing.

Bought another 150,000 shares at 1.15 pence an hour ago. Nearly all buys reported today including the 749,711 buy at 1.1 pence. Price up 2.1%, 1.10-1.30 pence.

We could have seen the bottom, Price up to 1.17-1.35 pence now, up 7.2%.

Delayed 250K buy reported at 1.25 pence. Volume slowly picking up.

Nice to hear from you again Sue Hele.Hope all is well.

I think i agree with you sue helen I think that the price will gain momentum again perhaps not as fast as last week but gradually. I am glad we had a few days of retrancement as it has come and gone with not much of a problem as the price could have possibly gone further down.

Promising couple of weeks. I am still outstounded by a couple of posters predictions which have been expertly precise

sue thx god your back thought you had deserted us
lol
here goes the bounce