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.

Neutral (Long term) - Apr 1, 2004
Has risen 305% since the bottom on 24 Mar 2003 at 0.19. Is within an approximate horizontal trend, which indicates further development in the same direction. Has given positive signal from a rectangle formation by a break up through the resistance at 0.46. Further rise to 0.75 or more is signaled. Poor liquidity (traded 100% of the days, mean 5.06 mill per day) weakens the analysis.

Tonight MACD has turned up, and stochastics are looking up too, and the upper bollinger band was pierced without any trouble, a good sign, that the rise will continue tomorrow.

Good blue start.

Price 0.75-0.83 pence, up 5.3%.

1 million buy reported at 0.79 pence from an hour ago.

500,000 delayed buy reported at 0.79 pence.

Another 500,000 buy reported at 0.79 pence.

On the up and looking great, Price 0.75-0.85 pence, up 6.6%. A very strong buy now that the price has broken above the resistance at 0.75 pence.

A few delayed buys have come through (appeared in the sell column) and many more should be coming through.

Up to date list of AIM clients as follows:-

FEI - Fundamental-e Investmants plc : NOMAD & Corporate Broker
IGL - Interactive Digital Solutions plc : NOMAD & Corporate Broker
MQE - Mosaique plc : NOMAD & Corporate Broker
TGR - 10 Group plc : NOMAD
BFG - Beaufort International Group plc : NOMAD
DOC - Documadia Solutions plc : NOMAD
OAH - Oak Holdings plc : NOMAD
PAA - Parallel Media Group plc : NOMAD & Corporate Broker
STN - Setstone plc : NOMAD & Corporate Broker
DVS - Designer Vision Group plc : NOMAD & Corporate Broker
TGM - Tellings Golden Miller Group plc : NOMAD
DINK - Dinkie Heel plc : NOMAD & Corporate Broker
SBG - SBS Group plc : NOMAD & Corporate Broker
VOS - Voss Net plc : NOMAD & Corporate Broker
LTW - London Town plc : Corporate Broker
TLG - 2 Travel Group plc : Corporate Broker
SHM - Shelton (Martin) Group plc : NOMAD & Corporate Broker
QES - Quintessentially English plc : NOMAD & Corporate Broker

This list adds up to the stated number of 18 AIM NOMAD or Broker clients, quoted in the full year results last week.

Further tick up, 0.80-0.85 pence, up 10.0%.

Looking really good now, Price 0.83-0.87 pence, up 13.3%.

Delayed buys between 0.80-0.85 pence will start to come through in a while.

sue this little diamond has gone in the right direction even when the market was going in the wrong direction
must say some thing

Delayed 615,634 buy reported at 0.85 pence.

Delayed 717,796 buy reported at 0.83 pence as well as other good buys at that price.

Hi deadfred, Yes it does. This is a little gem of a company and the volume is really good today.

of the companies it represents , how many are good companies ? beaufort group has gone into liquidation. are there any others ready to go under?

Suehelen,
would CFA hold any equity in the companies they are associated with or is that against the rules? there are some potential winners in the list, don`t you think?

Hi snakey, they receive shares in the companies that they float. I believe TGM has been a big winner for them. Though don't know exact details yet.

Hi bosley, the one you have mentioned has gone under. Though many more mandates are to be announced soon.

Good close, at 0.78-0.88 pence, up 10.7% today. With 29 million shares traded today. Very good volume.

Here is the breaking news coming very soon :


1). CFA will announce 2 new floatations within two weeks.
2). One of them will be 10m & the other 115m
3). Announcement could be of a MAJOR OVERSEAS company buying into CFA.
4). They have turned this into a PROFIT making company.
5). They will be in reciept of further funds from their former brokerage in Q1
6). Current investments/shareholdings valued at over 5.15m
7). Net cash position in excess of 800k.


All above based on research and "gathered" information.

Investtech Analysis:

Neutral (Short term) - Apr 6, 2004
Has risen 244% since the bottom on 18 Dec 2003 at 0.25. Is within a rising trend and continued advance within the current trend is indicated. On reactions back, 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 0.71. The objective at 0.79 is now met, but the formation still gives a signal in the same direction. The stock has support at p 0.74. Poor liquidity (traded 100% of the days, mean 4.66 mill per day) weakens the analysis.