Bioglan Pharma plc, the pharmaceutical group, has announced pre-tax losses of £2.8 million for the first six months of this year down from £2.3 million in 1998.

Group turnover was up 76 per cent to £23.1 million and earnings before interest, tax, depreciation and amortisation (EBITDA) was up to £1.6 million from a loss of £2.3 million for 1998.

The chairman and chief executive of the company, Mr Terry Sadler, said that solid progress had been made by the company in the first half of the year while (EBITDA) are considered the best measure of group performance by the board given that Bioglan is both high growth and acquisitive.

"Our overall business strategy remains unchanged; it has however been reviewed and honed. Our increasing international presence, through marketing our own products through our own subsidiaries and affiliates, provides an attractive and cost effective method of market entry. In future the group should retain higher margins from marketing our own products than would otherwise be the case."

Mr Sadler said that Bioglan's financial performance is traditionally biased towards the second half (of the year) and that the first half results are consistent with the company's full year expectations.

Bioglan has targeted the development of its business in the United States, the world's largest dermatology market, as a major priority with the acquisition of dermatological products and licences from Medicis.

Bioglan has reached an agreement with Allergan to distribute Zorac in selected European markets and has received 16 new marketing approvals in 9 territories around the world.