Interesting. Usually, the higher the fertility the more of a struggle the wildflowers have, partly because they don't like high nitrogen and partly because they are out-competed by the grass.
Timing of cutting will affect the return of flowers - they need time not only to finish flowering but to set and scatter their seeds. If the immature seeds are removed in the hay, then there will only be the seeds stored in the ground to regrow the next year.
If your pasture has been fertilised and had muck spread on it, then been cut before seeds are set, then the wildflower count will decrease.
The accepted way to make an area more wildflower friendly is to reduce fertility - this can be done by adding no fertiliser or muck, cutting late after seeds are set, and disposing of the plant residue. Apparently over a few years the ground will be more appropriate to wildflowers.
Grazing by livestock will also have a detrimental effect on flowers, as they will eat down the flowers, often selectively, so they are soon wiped out. You can graze a wildflower meadow, but only once seeds are set. Ideally you would also remove the manure. Wildlife trusts have to consider this problem, as they need livestock grazing to keep down invasive species, such as birch when they don't want the return of trees to the area, so grazing has to be timed carefully, and stock are not allowed to eat concentrates while grazing these areas.
Reseeding is definitely not the correct way to proceed - even if you sow a wildflower meadow mix, you will be getting generic wildflowers rather than the ones native to your patch.
You have to decide which you want - wildflowers, or a commercial return from renting to a contractor, or a pasture to be intensively grazed by your stock.