Confused About An INDEX Formula

[excelbytes]

I have the following INDEX formula:
=INDEX(Sheet2!$B$3:$Q$3,1,MATCH(Sheet1!A25,OFFSET(Sheet2!$A$3,MATCH(Sheet1!A28,Sheet2!$A$4:$A$13,0),1,1,16),1))

It should resolve to the following:
=INDEX(Sheet2!$B$3:$Q$3,1,8)
and give me the answer of 150%, but instead I am getting a zero.

When I highlight the MATCH function portion of the formula:
MATCH(Sheet1!A25,OFFSET(Sheet2!$A$3,MATCH(Sheet1!A28,Sheet2!$A$4:$A$13,0),1,1,16),1)
and hit F9, it resolved to an 8, like it should, and then when I hit enter, I get the correct result - 150%.

When I go through the Evaluate Formula process, it ends up as follows:
=INDEX(Sheet2!$B$3:$Q$3,1,8), then gives me a zero.

Notice the "8" is in italics.

Any idea why this is not working correctly?

Thanks for your help.

 

[RoryA]

Do you have calculation set to manual, or any circular reference errors?

 

[excelbytes]

That's it! When I received the file from my client, I saw the circular reference errors, but hadn't cleared them. Once I did, the formula works properly. Thanks!