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.

morning . good to see the price has steadied. and blimey, no trades at all so far.

bosley I think this share is going to go into hibanation for awhile...might as well come back in a couple of weeks and then check the price..unless anybody thinks that there is potential price movement anytime soon. Sue Helen I see that your posting again..any views on this one

absolutely thes, tuck it away and take a new look before the interims.

when are the interims due bosley old m8
never mind that when are the finals due
lol

Interims due on 30 September 2004. I have included the date at the top of the header post along with the AGM content.

deadfred, here's a glossary of classic candlestick patterns for starters:

http://www.litwick.com/glossary.html

overgrowth m8 thx for that but it will take a few millenium for me to get that in my head
lol
but its a great ref point
im a gut feeling type person and my gut tells me were on a major winner
i was into this share before i joined money am and share crazy so it was nice to see ppl have the same feeling about this company and they have this feeling using technical analysis
makes you feel that the good old gut feelin is still there

thx again for your help

if i can help u in any way plz ask
ie reincarnation or contacting spirits (not alchohol)
lol

you are getting spooky now fred

Well I'm back in again with 570,000 @ .85 could not resist at this price! (The .80 are sells the .85 are buys!)
Take another look after the summer 2/3p? :o)
Good luck to those still in, inc Sue...

Trades so for this morning @ 11:16 Buys 955500 - Sells 383302 (Not all Sells)

Its very deceiving-I took a look this morning as its one I've been looking at and thought why is everyone selling. Still not sure but I'm in so many oil and mining shares (no not the ones that are going up-all the small ones!) that I thought I need to widen my portfolio. Is this deliberate (whats the game) with putting buys as sells? Which system are you using to know they are not C'04?

major problems on money am today
i know some ppl have said that there buys are being indicated as sells well ill just have to join them my buy of 18 thousand comes up as a sell
this is really getting annoying
it also gives a wrong impression of share movement

Naa the problem is with the M/makers .78 sell /.97 buy. Barclays have them at .80 sell - .87 buy. so the .87 buy is nearer to .80 sell (7) than .97 (10) this is Y they all show as sells. Hope you follow that, the best I could do!

I bought 70000 this morning and I always divide the total cost of purchase including commision by the number of shares.
The cost per share of this deal was .8721p.
I use T D Waterhouse online.
By the way, it came up as a sell.

Mine bag full work out at .85556...

understand it chartist old m8 but why dont they work in the middle as a no sell or buy that way ppl looking at buy the share who look on here wont get the wrong impression of whats happening

Hi sue, Can you give us a breakdown as to why you think the profit will be 2m this year? Thanks..

Posted today 10:49 on the 3i BB by Jed Clampitt who attended the agm
Quote:-
" Sorry for not posting a more complete answer, Bill

Firstly, yes I asked specific questions

My queries were firstly on Investments. They (Stephen Barclay and Tony Rawlinson) were pretty cagey (they could not say much!) but they point out that investments are "fine" but that they may be lower than previously reported

My next main concern was the special resolutions that were passed. I asked why they were being passed. Stephen said that it was to allow CFA to make "aquisitions" without redress to the shaeholders. This was pretty interesting to me because they must have their sights on something and have everything in place now. I found that particularly exciting.

I tried to find out more about cash burn in relation to funds on hand but to be honest was not successful, but from the Cash Flow Statement that they issued with FS, there does not seem to be any immediate cash flow concerns

Lastly, to assess the mood. The board seemed very bullish, the mood was almost one of "cockiness" (in the nicest possible way), but for me as a shareholder it was great to see!! I will be very surprised if the board does not meet most of their expectations, I would go so far as to say I believe that they would exceed many!!! (anyone who critises me for "ramping" - back off! I am asked my opinion and I have given it! and if you don't agree I respect your difference of opinion)

Another query, not asked by me, was as to Stephen's personal dividend beliefs/policy. He feels that where dividends are due they will be paid and that organic growth without dividends, is not always best suited to circumstances (on a personal level, I could not agree more, I believe in a dividend policy to match cash flw)

So all in all, it was good. I came away even happier than when I went, and I am certainly going to be holding, I think my expectations will be met (hopefully exceeded)

Bill, I cannot think of anything else, but if you have any specific queries I will try to answer. I am careful to place the answers the board gave, and not my own!

LOL, hold Bill, Jed "

great post slmchow. kind of confirms what we all already know. cfp is going places.

good man slmchow needed a man on the inside so to speak
lol
wonder if the chickens will be leaving the coup now