I have a file that's been used by many people over the past 3-4 years. I
just entered a formula into a cell:

=IF('ORL EE List'!W6="S",'ORL EE List'!G6,"")

It's a very simple formula. I have a column 'W' on a Worsheet that has one
of two values, S or H. I'm just returning another value if the column 'W'
contains an S.

The problem is this: The cell in which I've typed the formula is not
returning the formula result, instead it is actually displaying the formula
itself.

If I try 'Cntrl + `' it doesn't change anything with this particular cell.

I've never experienced this in many years of heavy Excel use?!

What's happening here? Why is the formula not working?

Thanks.

Tondos.