Multiple item region only outputting first item

I have a template that should output multiple items to the page.

<perch:if exists="perch_item_first">
<a href="<perch:content type="image" label="Image" id="image" width="555" height="688" crop="true" />" class="gallery"><img src="<perch:content type="image" label="Image" id="image" width="555" height="688" crop="true" />" alt="<perch:content id="image_description" type="text" label="Image Description (alt)" title="true" />"></a>
<ul class="product-gallery">
<perch:else>
    <li>
        <a href="<perch:content type="image" label="Image" id="image" width="555" height="688" crop="true" />" class="gallery">
        <img src="<perch:content type="image" label="Image" id="image" width="83" height="103" crop="true" />" alt="<perch:content id="image_description" type="text" label="Image Description (alt)" />">
        </a>
    </li>
</perch:if>
<perch:after>
</ul>
</perch:after>

It is set as a multiple item region and there are 3 items in Perch admin. Only the first one ever gets output onto the page.

Can anyone point out what daft thing I have missed?

Thanks in advance!