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.

Topped up yesterday with fred at 120, wish I had more patience in these matters and had waited a bit longer, however I am now sitting firmly on my hands for a good number of months.
For me, once I've taken a position I let it run.
The pedigree of this magagement team is top drawer, I intend to let them manage and take the consequences which I feel sure will be a higher share price.
I don't need any more toilet paper.

for reassurance re read the opening post of this thread. it all still applies. then read post 345 by me . its shares tip of broker daniel stewart . pretty much applies to cfp too. tuck these away and come back in 6 months.

Bosley - Was that your 1.5m buy or was it the other 1m buy?; ?

i wish i had that kind of till to play with chartist!!!!! very small time , me.

it was mine
and more mine
or was it
cant remember cause im dead
lol

ride the coaster and live the life
death awaits us all(apart for cfp which will be double digits in 12 months imho)

fred , what did you die of?

well its like this

once apon a time there was this wizz kid smart ass fast movin smooth kind of guy(me)
well one day he was tracking this big bear that had terrorised a village and eaten all the honey
everything was going well until he slipped and the sound of the branches snapping made the bear turn
and youve guessed it it came towards me
but just then there was this big bull that came trudging over the hill it seen the nasty bear heading for me and charged it(i think it was vat not sure)
well the rests history
lol
im still here
lol

so you are not really dead , then , are you fred?

SUE HELEN YOUR FEED BACK IS REQUIRED ON CFP AND AFG PLEASE.WELL DONE FOR BGY BY THE WAY.

Looks like a bunch of bullish T-traders have just been shaken out. No cause for concern for investors. As hard to believe as it seems at the time (and this is what the MMs want you to think because they want your shares) this one is going to go up and up later in the year.

It was only a few weeks ago when everyone was getting frightened when the price was walked down from just under 1p - and look what happened after the bottom was reached! We're now at or getting very close to the bottom of this phase. It's going to be 3 steps forward and two back all the way up to 10p by the looks of things.

Wise City punters have bought into CFP - they don't normally look at companies with such a small market cap., however because CFP are in a market they understand, they are certain that CFP are on to a good thing.

thx overgrowth agree with what your saying but hope you aint right id need a crane and a new warhouse to store the monies id make if it went to 10p
lol
jokin
but i agree with your tree shake bit
apart from lastweek this stock has consistently had more buys than sells
and the price goes down now we all know if something is getting bought the price should go up
unless something else or someone else is influencening it
ie mm shorters imho of course

Ref M/Makers / Tree shaking, take a look at the last trades on 27-April 'some large buy trades' then look at the first trades on the 28 April, no large 'SELL' trades, yet the m/m drop price by 25%. I thought the price movement was governed by buy/sell trades. How can this be? tia....

oh thats better. a nice little rise today . none of this jumping up and down like a dallas cheerleader shouting and shaking yer bits about .

I see there was a late trade of 1,175,000 today but it doesn't say if it was buy or sell. How can I find out? I would say it was a buy because of the little rise as bosley said but yesterday nearly 4 mil brought than sold and the price never went up. Chartist2004 I understand completely where your coming from but cannot explain. Frustrated!

ted i think it was a sell m8
look at the price it ent through at
but even with that the buy to sell ration in the last few weeks is positive imho of course
the share is just finding its new bottom so to speak

it will rise again

Your right 1.10 has got to be a sell but then that confuses me even more 2 mil more sells than buys yet the price went up. Deadfred are you saying that prices are worked out over weeks of trading rather than days?

Guys, does it really matter what the 1.175M trade was? This is only about 13K's worth - and this made up a good portion of today's trades. FWIW, it looks like a discounted delayed buy to me and that's the main reason the price closed up slightly.

The key here is that volume traded today was miniscule, so we can read nothing at all into levels of prices. The MMs are moving prices around all the time trying to create a market because this is how they make their money.

Plenty of good news to come, so investors are not selling. No one else is buying yet, because the news hasn't arrived. Hence we get low volume days like these where prices seem to go totally against the grain.

General market sentiment doesn't help trading volumes either - things should be more interesting next week when everyone's forgotten about today's "shock" from the widely publicised and predicted interest rate rise (a week's a long time in the markets).

i have'nt bought these yet i mite spend about 3,000 if they are worth 10p. Any suggestion.

thanks

Bahader, I've a significant amount of these shares and intend to hold them for 1-2 years.

CFP are expected to show a healthy profit after a lean patch (which was caused only by horrendous market conditions - no one wants to list in the middle of a bear market). They are very busy and it is acknowledged that AIM is becoming more popular for smaller companies wanting to become listed (because of the superior regulation compared with other world markets for small caps.).

There has recently been a significant increase in small cap. listings globally so CFP are now at the start of the upward curve of a cycle.

There are a couple of the companies which CFP represent which have the potential to go ballistic (the good thing here is that CFP have taken payment for their services with a tasty chunk of shares). Should this happen, the shareprice will be even further enhanced.

Management are excellent. IMHO this is the start of a classic growth story.

DYOR and don't expect 10p in a few week's time - it will take a year or slightly more to get to that level.

im with you overgrowth
long term hold imho