Using the INDIRECT function I'm trying to reference data in another Workbook.
However, if that workbook is not open the function returns a #REF! value.
Open the Workbook it's referencing and it happily returns the vlaue I need. I
understand it's one of the volatile functions in Excel, but I don't know why
it won't return return the value if the other sheet is not open.

Any ideas to help at all please??

TIA.