We investigated the influence of restricted maternal nutrition between 30 and 80 d gestation on placental growth. Singleton-bearing ewes were fed on either 0.6 (i.e. nutrient restricted) times their energy requirements of 2.25 times this amount (i.e. controls) up to 80 d gestation, when their placentas and fetuses were sampled and analysed. Nutrient-restricted ewes lost body condition score but not body weight and had lower plasma thyroid hormone concentrations than controls, but there were no differences in plasma glucose, non-esterified fatty acids or 3-hydroxybutyrate concentrations between groups. There was no effect of maternal nutrient restriction on fetal weight, conformation or organ weight with the exception of brain weight which was lower nutrient-restricted ewes. Nutrient restriction had no effect on total placental weight, or proportion of inverted placentomes, but was associated with an increased abundance of small placentomes and decreased weight of the fetal but not maternal components of the placenta. Fetal cotyledons form nutrient-restricted ewes also had a lower DNA but higher haemoglobin concentration than those sampled from controls. The plasma concentration of triiodothyronine in umbilical cord plasma was also increased in fetuses from nutrient-restricted ewes. In conclusion, maternal nutrient restriction during early-mid gestation is associated with a smaller placenta.