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.

nice rise this morning...currently up 0.12

thanks white westie. fred must have got the rest . hes loaded, you know. anyway what a great start to the day . bigger fish indeed. also . anyone else read the article in shares mag about indian and russian companies looking to float on aim . possible new business there ......

post 1 first paragraph

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.

maybe we will see cfp start to bring foreign companies into the market place

overgrowth, cant seem to find the rns you have mentioned . please tell us what it says/

as ive said in the past bosley old chum a niche market for a specialised company

and as you say thx to the gov new tax polocies on the aim listed companies this well only get better and better imho

as the name gets round the street ppl will sit up and take notice(imho they already have look at how the mm have minipulated the share price in recent times

dont belive my ramblings dyor and you will see someone has woken up to this little gem

i also said that after the 3rd of june thing would pick-up because the share issue was gobbled up and the mm will be looking for more hence the fall in price when all the shares issued were swallowed up(in the passed a company that had a placement swallowed up usually there share would go up but not in this case????????( ask why and reality will come through the door)someone is after this share imho)
as always dyor

its ok , overgrowth, i found it . for those who dont know , cfp has some more work

LONDON (AFX) - Smallbone PLC, the UK-based manufacturer and designer of upmarket kitchens, plans to raise 2.5 mln stg by returning to London's Alternative Investment Market later this summer.

The group will likely have a market value of around 15 mln stg after it floats, insiders told AFX News.

Charlie Smallbone, the group's eponymous founder and executive chairman first floated the business in 1986. The business was then bought by Williams Holdings PLC and, subsequently, by Gower, now part of the Swedish-based Nobia Group.

In July 2003, through Paris Ceramics, which he established 15 years ago, Smallbone re-acquired the business.

The proceeds of the planned placing will be primarily used to expand the group's network of showrooms in both the UK and the US as well as integrate the Smallbone and US-based Paris Ceramics distribution systems and source and introduce new materials and collections.

'The Smallbone brand is very much alive and kicking: Paris Ceramics complements it perfectly. Combined, we can leverage the sales potential of both, particularly in the United States where Paris already has an extensive showroom network,' Smallbone said in a statement.

Currently Smallbone sells around 500 kitchens per year, yielding an average of 30,000 stg per unit.

The group, said Smallbone, will be able to achieve economies of scale, reduce overheads and improve margins as well as offer significant and profitable growth potential.

For the year to December 2004, group sales are expected to be over 22 mln stg with the current order book exceeding 14.5 mln.

Dealings in Smallbone shares are expected to commence in July.

City Financial Associates is acting as both adviser and broker to the company.

hmmmmmmmmmmmmm

can you smell

i can smell something , fred.

how long have you been dead???????

hey i use fresh manure every day must be someone else bosley old chap

i do apologise if you thought i was casting aspersions on your personal hygene fred. its just that i havent smelt for a while now. not used to it .

lol same here old friend same here

but looks like things might be changing

15 million what hope this is a buy

anyone out there bosley chk
sue what the france is the 15 million

needs confirming fred , but i hope thats a buy . we need to know what the spread within the spread was. but even so , its done wonders for the volume.this really has a feeling of " somethings happening" to it.

(now is the time someone pisses on me chips)

steady on bosley chips and things

try vinegar
old chum

hearded someone was looking to buy this amount from hoodless brennan(seymore piece i belive)but this might just be hear say imho
dyor

If CFP continues to mirror the CYC trend, we should get to about 1.1p - 1.2p by the end of the week and then the price will dither about a bit (waiting for the next soaring rise).

The 15m buy should help keep some stability tomorrow also - an interesting day is on the cards.

what is likelihood of CFA buying Seymour Pierce, as these were my first thoughts when aquisition by CFA was mentioned last week or week before???

Tha main man in CFP (Stephen Barclay) built up Seymour Pierce from a penny share like CFP to a company commanding a price of well over 1 a share.

I think that Seymour Pierce might just be a bit too big at this early stage (even for CFP) unless SB still has a massive stake in Seymour Pierce which I'm not aware of.

A floundering small advisor is much more likely to be snapped up, giving CFP the breadth to expand into a much wider playing field at a knockdown price.

If they're in the business of picking up companies on the cheap, then there may be more than just the one acquisition in the coming 1-2 years.

The icing on the cake with this one is that CFP themselves are prime targets to be taken over by a larger City firm - given the right client base and investments in companies they've brought to market (which are rapidly expanding this year) they should fetch around 5p a share.

I'd prefer to see CFP go it alone, as they appear to have the potential to be another Seymour Pierce.

thanks for that overgrowth

im with you overgrowth
just hoping that someone does not buy cfp at this low price or just like her im stuffed
lol