22 winners and 44 placed horses from a total of 135 runners i.e. almost 50% win or placed doesn’t indicate that the stable isn’t firing that well stilvi.
That said , it shows that the yard may not be full any longer, and also that , at the moment, there are no top notchers in there, but I wouldn’t say in terminal decline. There may not be a One Man or Monet’s Garden in there now, but how often do you get one of them ?
I would state the given the ammunition they are more than capable of delivering.
It never ceases to surprise me when you see owners sending expensive horses to trainers with less than enviable records, when there are a number of yards , such as the Richards one, where they would be better placed.
Still you pays your money and you takes your choice.