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@pdlouche
Small update. Had a read up about magnetising/demagnetising. Based on the literature and the phone app, it seems to have worked.
Using an orderly field to magnetise, or an alternating source to demagnetise... I took the tiny strong magnet off the bike's pedal axle and used my right forearm skill to mimic an alternating magnetic field.
Lepsi went from reading 30-40 normal and 100 with the watch, to barely fluctuating over 40 with the watch now.
Edit: still gaining seconds. Can't be magnetism then.