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Third Economic Impact Study On UK Breeding Industry Published

The third Economic Impact Study of the British Thoroughbred breeding industry was published on Wednesday. In the report, key opportunities and challenges for the sector were outlined and provide a blueprint for future progress.

Building on reports published in 2014 and 2018, the study was commissioned by the Thoroughbred Breeders' Association (TBA) and conducted by PwC. Both the Racing Foundation and Horseracing Betting Levy Board (HBLB) funded the project.

British breeding was found to have an impact of over £375m of gross value added to the rural economy, as well as being a world-leading producer of top racehorses and the foundation for a world-class racing programme. There was also greater insight gained into the current climate in which Thoroughbred breeders operate through deeper analysis of factors affecting profitability and the overall health of the sector.

Over 7.5 million data points were analysed in the project following the impact of both Brexit and COVID-19. One of the highlights of the report was how the Great British Bonus scheme has narrowed the gap in average sales prices between colts and fillies at British sales. There are ongoing profitability issues, particularly in the middle and lower tiers of the market, where smaller operators continue to exit the industry. Forecasts on foal crops and broodmare numbers in the report also show a steady but continual reduction without intervention.

The report also outlined some recommendations for the industry to pursue, including the consideration of prize-money levels, new targeted industry incentives, creation of accessible ownership models, encouragement and support of the domestic stallion market, and the development of recruitment and retention strategies to meet the industry's talent requirements.

TBA Chairman Julian Richmond-Watson said, “It is timely as it coincides with the racing industry's development of a new long-term strategy, led by the BHA, which is an opportunity to shape racing's future and strengthen our position as a world-leader in thoroughbred racing and breeding.

“The report will be a key evidence bank for this vital work, as industry stakeholders seek to work together to address the challenges for the long-term health of the sport. A high quality and sustainable supply of thoroughbred horses is a specific objective underpinning the whole strategy, and is a requisite for an attractive, competitive and quality racing product.”

TBA Chief Executive Claire Sheppard added, “It is of fundamental importance that as the TBA, and as an industry, we take action based on a sound and robust evidence base and have a real depth of understanding of underlying trends across the whole industry.

“As this is the third study the TBA has commissioned, a comprehensive and longer-term picture of the key trends now exists, and the data have helped PwC to model into the future and map out what could happen if these trends continue and we do not take interventions.

“The long-term declining trend in the key indicators are an ongoing concern, but there are signs of hope for the future in the upturn in the 2022 British-born foal crop numbers and the positive impact of the Great British Bonus on sales prices and owner returns.

“The report demonstrates that incentives and strategic interventions can work. We must learn from this and take forward a plan with the support of breeders in particular and the racing industry in general as part of racing's new strategy.”

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Customs Change for Temporary Thoroughbred Movement into Britain

Following continued representations to Her Majesty's Revenue and Customs (HMRC) by the Thoroughbred Industries Brexit Steering Group, a change to customs procedure has been made which will facilitate movement of horses into Britain for breeding and racing.

A new, industry-specific, facilitation has now been agreed by HMRC to the Temporary Admission procedure, allowing intermediaries (such as a transporter or shipper) to apply for an authorisation enabling them to move Thoroughbreds under multiple ownerships, without the need for a financial guarantee. Previously, in the majority of cases, Thoroughbreds entering Great Britain on a temporary basis had to be accompanied by a financial guarantee, equivalent to 20% of its value. The change follows similar procedure enacted by the Irish Revenue for movements of Thoroughbreds into Ireland for racing earlier this year.

Julian Richmond-Watson, Chair of the Thoroughbred Industries Steering Group, said: “The Thoroughbred Industries Brexit Steering Group has been engaging and offering proactive solutions on this matter, which has been causing significant industry concern, in discussions with HM Treasury and HMRC.

“We are therefore very grateful to HMRC for this industry-specific facilitation which recognises both the financial value and importance of international movement of thoroughbreds, and the challenges which the requirement for a guarantee was posing to owners and breeders looking to run their horses or breed them in Great Britain.”

Following Brexit, The Group's overall objective is to secure a settled future framework in which there are reduced administrative burdens on the movement of Thoroughbreds.

“We are committed to improving the situation and delivering a lasting settlement under which movement of Thoroughbreds for international competition and breeding, underpinned by the highest standards of equine health and welfare, is realised,” added Richmond-Watson.

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EFTBA Meets In Newmarket

The European Federation of Thoroughbred Breeders' Associations held its 2021 AGM on Nov. 23 in Newmarket, where the movement of Thoroughbreds between Europe and the UK post Brexit was one of the key topics discussed. The federation is continuing its work on securing HHB status for Thoroughbreds.

Plans were also made for the federation to produce a European stud farm environmental impact study, and a sub committee was formed to look into the formulation of an official federation welfare strategy to raise awareness about the high level of care Thoroughbreds receive across Europe.

“Despite the many challenges and threats facing the European bloodstock industry, breeders have displayed great resolve and determination in working to overcome these obstacles,” said EFTBA Chairman Joe Hernon. “While these challenges continue to have a series impact on the European Thoroughbred industry, I would like to assure all that EFTBA is steadfast in its commitment to deliver for Thoroughbred breeders during these uncertain times.”

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Irish Racing Growth Continues Despite Pandemic in HRI Report

Six-month statistics for horse racing and breeding in Ireland shows underlying growth in the industry despite the ongoing challenges presented by the COVID-19 pandemic. The report was released by Horse Racing Ireland on Thursday.

The metrics of horses in training (+24%), owners (+23.9%), new owner (+31%), runners (+23.8%), fixtures (+8.4%), and race numbers (+14.6) have all shown strong growth over the corresponding pre-pandemic figures for 2019. Attendance at Irish racecourses was the major area where figures suffered, as there has been no public attendance at any racemeeting in Ireland for the first half of 2021. Owners have been limited to just 200 per meeting and were only able to return to racecourses on June 7.

Brian Kavanagh, CEO of Horse Racing Ireland, said, “The increase in the number of active owners and newly registered owners in Ireland bodes well for the future as does the increase in the number of horses-in-training which is the lifeblood of the industry. This added investment by owners is reflected in the fixture list and the increase in the number of runners in both National Hunt and Flat races can only be of benefit to the industry, particularly in relation to employment.

“The major concern as we moved into 2021 was the absence of persons other than necessary workers from the racecourse and it was six months into the year before owners were able to return. The attendance figure that we publish today is primarily made up of the owners who went racing for a little over three weeks in June.

“Clearly this had a knock-on effect on betting figures, however it is encouraging to note the increase in Tote pool betting compared to the same period in 2019 which is a result of the strategic alliance between Tote Ireland and the UK Tote Group which has been in place since the start of this year.

“2020 saw the bloodstock market severely disrupted with sales frequently deferred or relocated out of Ireland due to travel restrictions. There were issues again earlier this year, but as the restrictions around international travel ease, we are hopeful that the second half of 2021 will bring a return to the growth which the sector has experienced in recent years. The turnover at bloodstock sales in the first half of 2021, particularly the Goffs Land Rover Sale and the Tattersalls Derby Sale was encouraging.

“The number of racemeetings held behind closed doors or with a limited attendance since racing resumed in June 2020 is now in excess of 500 and this has severely impacted racecourses and the various businesses which rely on them.

“The racecourses have proved resilient however and through Government support schemes, cost cutting measures, the HRI sponsorship incentive scheme and media rights revenues, they are managing their way through the crisis. That said, these measures can only be temporary and as the vaccination programme rolls out further, it is important that Irish racecourses are able to welcome back larger crowds at racemeetings.”

Kavanagh concluded, “Overall, the industry has shown resilience in the first six months of 2021 coping with the twin challenges of Brexit and Covid-19. There is a body of work to be done to restore attendances, prizemoney and race sponsorship levels, however the fundamentals of the industry remain strong and activity levels in owning, breeding and buying horses are increasing. The industry continues to deliver in terms of rural employment.

“This was backed up by research carried out for HRI by Red C in February which showed that two out of five people (40%) surveyed in a nationwide poll declared an interest in horse racing, a significant increase from 23% in 2020.

“Off the track, the first six months saw much focus on horse welfare and anti-doping issues and Horse Racing Ireland is working closely with industry stakeholders on a number of issues in both areas and will provide updates on an ongoing basis as this work proceeds.”

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