I have a similar problem with an Avocet 30 that came on a bike I recently bought. The previous owner had taken the bike out of storage, replaced the battery, and found it no longer registered speed.
While troubleshooting, I found that the computer appeared to properly register speed when the components were removed from the bicycle, and the sensor was slid around the ring, in direct contact. I could get up to around 15mph in-hand. However, it didn’t register anything when on the bike, with the original 5mm spacing between ring and sensor. Curiously, with the magnet ring on the bike, and the sensor in-hand, held directly against the ring, it only gives inconsistent low speed readings. My suspicion is that the magnet ring has weakened to uselessness, and the axle, fork, and spokes are weakly magnetized.
I’ve ordered a magnet viewing film and a bunch of small neodymium magnets myself to try to build a replacement ring. However, I also fiddled about with a neodymium magnet and my magnet ring, so I doubt I’ll be able to glean the original field configuration from mine. I’d be interested in seeing a magnetic field photo of an unaltered ring, if you get your hands on one.