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Default Concatonate and Substitute show the formula rather than the result

When I use the Concatonate wizard it shows the expected result in the wizard
dialogue box but when I press OK it just shows the formula in the cell rather
than the result.
I have tried formatting the target cell as General and Text and saved,
closed and reopened the file but it doesn't help.
I have the same problem with Substitute.

What's going on?
 
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