Used another voltmeter from one of the sparkies at work and there was a slight difference in readings - mine was 0.15v lower than his.
Checked and resoldered all the joints and cleaned up the plug joint in the boot as well just in case something in there was causing high resistance. No difference.
Have now cut the sensor wire in the loom and connected it straight to the +ive of the battery and charge voltage is 14.4v.
I think I'll leave it at that for now and see what happens at the next race meeting on 18 August.
Thanks people for all your help - especially Matt. I'll report back....