Thanks for the reply.
Watermarks worked fine for me in 1.0 and I had some nice presets. They stopped working in version 1.01, and now won't work whatever version I install.
I'm using 'export version' in the file menu. Whatever format I export the image as, and whatever format I use as a watermark (PS, PNG, AI, PDF, PNG8,PNG24) has the same effect.
I'm running Aperture 1.1 on OS X 10.4.6
I've totally uninstalled Aperture and reinstalled (testing watermarks on 1.0, 1.01 and 1.1 as I went) but the same thing happens. I'm coming to the conclusion that something must be caught up somewhere in the OS - maybe I'll have to reinstall Mac OS but I really don't want to do that.
If anyone can help I'd really appreciate it.
Richard