Hi Woodspinner, not sorted out yet.
I checked the voltage to the speed sensor board - 220Vac as it should be.
Next I checked the voltage to the speed pickup itself - about 16Vdc which is within the working range of the device, but I don't know whether that is the correct voltage for this setup.
With the device powered up, the on-board LED should be off when no metal is within the sensing range, on when it detects the presence of metal. It actually stays on regardless of the presence of metal and, since this is the normal failure mode of these devices, I have taken the view that it is the pickup that is faulty, not the associated PCB.
Perhaps foolishly, I didn't ask Axi for advice, just price and availability of a new pickup.
For the record, the original is a BAKS DA1805NO which I have identified as being NPN type, NO contacts, 10 - 30V, 600Hz switching frequency, 150mA max, 0 - 4mm operating range, size 18 x 18 x 36mm.
These all seem to be fairly standard specs so I fitted a £5 cheapo speed sensor from eBay - but that didn't work although the specs seemed OK.
This morning I ordered the genuine item from Axminster, £35.
I'll let you know in a couple of days!
Duncan