I have MS Office 2003 on Win XP

I recently downloaded and applied 2003 SP3.
Since then, none of my shortcuts to Excel files open the relevant folder
directly.
Nor does double clicking on the file in Windows Explorer.
Either action only opens Excel with Book.xlt displayed.
I then have to double click the file again to open it.
Before it would open directly.
This only happens in Excel - other .doc files open ok directly in Word.
What am I missing?
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donwb