Falling foal crops in Britain and Ireland have been identified for the first time by Tattersalls as a major risk factor for the business in the latest sign of growing concern at the ongoing drop off in horses being bred to race.
Figures published last year by Weatherbys showed a 9.5% drop in the number of foals born in Britain and Ireland during 2025, the most significant drop year-on-year for more than a decade.
In its latest accounts published on Companies House, covering the year ending June 30, 2025, Tattersalls' directors spelled out what they perceived to be the "principal risks and uncertainties" for the company, which included the foal crop for the first time.
They said: "Threats from rising costs and a falling foal crop in both the UK and in Ireland illustrate challenges the business faces."
The Tattersalls directors also flagged the "ongoing concern" of "intrusive gambling affordability checks for owners and breeders" and the impact of tax rises on spare income.
"There is a concern that resulting reduced disposable incomes will threaten the number of existing and potential domestic owners," they said. "The industry risks becoming overreliant on outside investors, which in itself is a high-risk long-term model in terms of losing key bloodstock to overseas breeders, coupled with comparably poorer prize money levels.
"Recent budget announcements included further enhancements in the minimum wage, increasing the burden on businesses already struggling with a range of rising operating costs. Additionally, while on the face of it not directly affecting racing, the range of tax increases imposed on the betting industry is still anticipated to have a negative and far-reaching impact on the racing and thoroughbred industry."
Concern about the falling foal crop has been repeatedly raised by the Thoroughbred Breeders' Association, whose chair Philip Newton said it had fallen by 36% worldwide in the last 20 years during a keynote address at last month's 41st Asian Racing Conference in Riyadh, Saudi Arabia.
Newton made a direct plea to British racing that "to deal with a problem, a problem must be accepted in the first place as a problem" and pressed the case for creating a product that could receive substantial outside investment, such as a racing super league.
Despite voicing some of its concerns for the future, Tattersalls reported buoyant results in its latest accounts following blockbuster sales seasons in 2024 and 2025.
The group, which also comprises Tattersalls Ireland, Tattersalls Online, Osarus, and a minority share in Inglis, reported increased turnover and assets with total profit of £8,624,000 for the year.
"The key performance indicators demonstrate that we have experienced an extraordinary sales season," the directors added.
