Google suggested the problem would lie in either the sender unit or the PCB on the speedo itself.
The Aussie surf site suggested the speedo would be the culprit so that's where I started. The 10uf cap on the right was clearly blown so I replaced it with what I think is an equal replacement.
http://www.jaycar.co.nz/productView.asp?ID=RE6070
BEFORE:

AFTER:

Problem is the speedo still doesn't work


From what I can see all other components APPEAR to be in good condition.
1 track on the PCB looks slightly worse for wear but I've checked it for continuity and it's still ok.
So, any ideas on what could be wrong or where to check next???