This sketch, with its impressive central study, found its final realisation in two finished paintings, both called Early Morning, Newmarket. From 1947 onwards, Munnings envisioned a large painting of racehorses at exercise at Newmarket. He made several studies before a finished painting was exhibited at the Royal Academy in 1950. Another monumental version is currently with Richard Green, showing four horses in very similar composition to the pencil sketch on the reverse of this painting. A painting in the Munnings Museum, Boy and Racehorse, is a working up of the vignette bottom right of this painting and one figure in the pencil sketch verso also relates similarly.

Fred Butters (1888-1967), younger brother of Frank Butters, had been at Framlingham College with Munnings. Munnings had stayed in touch with both Frank and Fred, who became trainers. Frank was a trainer of some note. Fred, some 10 years younger, attracted less attention, but was still a lifelong professional. He trained at various locations, including Highclere but finished his career by training at Newmarket from 1939-1950.