Quote - add the textures folders of your Poser runtimes to the material collections.
Vue will search for textures in these. 

Tried that, it didn't seem to work for me! :(

Anyhow I've migrated my runtimes back into Poser 7 Pro and everything is now working fine!

Thanks for all your help!

MS Windows 7 Home Premium 64-bit SP1
Intel Core i7-2600 CPU @ 3.40GHz, 12.0GB RAM, AMD Radeon HD 7770

PoserPro 2012 (SR1) - Units: Metres , Corel PSP X4 and PSE 9