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.

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

Have our short term targets gone out the window?? I think maybe so... 2-3p in a couple of weeks is now looking very unlikely.

Still awaiting newsflow but maybe coming up to and after agm meeting.

Up up and away again ^^^^^

Looking good...No sells so far today, so it looks like most of the short termers have got out. Just a quick word of warning though, Tuesday is the last day for T10er's that bought at the peak to get out, so we might see some fun and games before then, as the mm's try to shaft those that bought at the top, but if this bullish momentum continues, the mm's would be foolish to try a huge drop. They got caught out last time, and only just got away with being severely short thanks to the RNS. It might be different this time, especially with the AGM just one week away.

rise now

monday 10 may sees alltrue investment floating on aim , cfp as broker. lets hope there is more news flow like this.

My 500K buy at 1.15 is showing as a sell, as buys delayed by 1 hour.

looks like the bottom has passed. might be a good time to jump in for those keeping an eye on it.

what else make it rise a lot today?

Bos -I'm keeping 'both'eyes on em was in @ 1.58! I'ed would like to stand over the M/Makers with a large stick!!

ouch!!!! ow!! thwack!!!

a nice thought for the day.

nice!! what a good two days indeed. lets hope next week brings more of the same . it should start off well if all goes to plan with the float of alltrue investment and then hopefully more deals and news flow . stick with it . its coming good.

bosley were is sue she done a runner with all my cfp shares
lol

cfp is good but just taken a stake out on epa looks like another cfp but its omho dyor
ok

dead fred, dont think we need sue. was looking at epa earlier but decided to hang on a touch . similar story turning big loses to near profit and deals on the way it seems . i need to look more closely first. as far as cfp goes , things look good.

deadfred, just taken a quick look at EPA. There's no comparison. I'm not saying that the price won't go up, just that they are VERY high risk. I wouldn't expect the 2003 final results to be anything special- they have a very low turnover, and sars affected their business badly last year. The management have also made some terrible investments (they've written off their holding in NETFUN).

CFP is a no brainer in comparison- class management, busier than ever, bigger contracts, into profit, booming sector.

I hope I'm wrong for your sake, and I only took a quick look, but what I saw made my mind up without digging deeper. Maybe you know something else. Good luck.

I am a big fan of CFP, since they were Abinger, and I have taken stock in TIR which I also believe to be a potential winner. Would appreciate other`s views on this one.
snakey