ENGLISH TEXTS he’ ll jump a fence and get a trip in time. We thought he was very eye-catching.“ He obviously holds the Grade 1 novice hurdle entries at Cheltenham, which is something lofty to aim at, but we’ ll get him home first before we make any decisions on where he’ ll be targeted. Having qualified for the Red Mills Final at Punchestown, that could be a nice pot to look at with him this season, but we’ ll know more once we get him home and settled in. Buying through ThoroughBid was straightforward and easy and hopefully this guy can be lucky for John.” The second-highest lot, Broken Vow, was purchased by agent Darren O’ Dwyer for a potential future career in the US. O’ Dwyer said:“ It’ s really pleasing to have purchased Broken Vow on behalf of Bonnie Hamilton. She will go out to Leslie Young in the US and we’ re excited to see how her career goes in the States. She came highly recommended by Olly Murphy, and she did it really well in her bumper at Lingfield. She’ s young and progressing and we think she’ s the type who ought to suit American racing well. The whole process with ThoroughBid couldn’ t have been easier, and James [ Richardson, CEO ] and the team were very helpful every step of the way.”
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EQUICER
ECONOMIC INSIGHTS INTO FLAT RACING
BY EMILIE YVART
In a context of rapid change, having access to reliable economic indicators has become essential. The national economic observatory EQUICER was designed to meet this challenge: providing an objective analysis based on real accounting and economic data. The 2024 data confirm the complexity and demanding nature of the economic model of flat-racing breeding operations. Average revenue stands at around € 407,000, or € 105,000 per FTE( fulltime equivalent). Boarding fees are the primary source of income, accounting for approximately 35 % of total revenue, ahead of horse sales( 22 %) and race winnings( 10 %). This diversification of income sources helps to partially secure farm revenues. However, it is accompanied by high expense levels. Operating costs absorb nearly 40 % of revenue, with a significant share attributable to feed purchases and veterinary expenses. External costs account for around 23 % of revenue, notably related to building maintenance, land rents, and insurance. Gross operating surplus averages € 76,000, representing nearly 19 % of revenue. This level makes it possible to cover loan repayments. The debt ratio, close to 63 %, further illustrates the weight of the investments required for breeding activities. These elements confirm that the economic balance of flat-racing breeding operations relies above all on the ability to enhance the value of horses, particularly through sales, which are a key lever of profitability. As for flat-racing trainers, the data indicate a strong dependence on activity volume and cost control. Average revenue amounts to approximately € 707,000, reflecting an intensive activity based on a substantial workforce( an average of 8 FTEs). The composition of revenues illustrates the very nature of the trainer’ s profession. Boarding fees are the main source of income, accounting for 54 % of total revenue. Race winnings represent 16 %, while the trainer’ s percentage share reaches 10 %. Horse sales remain marginal, confirming that economic performance primarily relies on training and race valorisation. Operating costs absorb 33 % of revenue, with a significant share devoted to feed purchases and veterinary expenses, similar to breeders. External costs represent 18 % of revenue, notably linked to land rents, building maintenance, and fuel required for travel to races. This highlights trainers’ economic sensitivity to cost fluctuations. Gross operating surplus amounts to € 74,000, or 10 % of revenue, enabling the coverage of loan repayments. Net income remains
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