Over a period of 3 years 18 autumn-calving, single suckled, April-weaned cows were stocked at three rates at pasture to gain 132, 70 or 25 kg (H, M and L respectively) between April and August and fed to lose 100, 54 or -13 kg (H, M and L respectively) while housed between November and April, the relative total energy intake over winter being 0-64, 0-83 and 1-00 respectively. Milk yield was reduced by 2-68 kg/day on the H and 1-25 kg/day on the M treatment and as a result calves gained 37 and 10 kg less respectively over winter than on the L treatment. However, despite poorer calf performance economic considerations would indicate a preference for high weight gain during the grazing season and a corresponding loss over winter.