Here is an alternative formula
=SUMPRODUCT(--(ISNUMBER(MATCH(WEEKDAY(ROW(INDIRECT(end_date&":"&start_date))
),{2;3;4;5;6},0))))-SUMPRODUCT(ISNUMBER(MATCH(WEEKDAY(holidays),{2;3;4;5;6},
0))*(holidays>=start_date)*(holidays<=end_date))
where the array constants {2;3;4;5;6} refers to the days of the week that
you want to include, which is Mon-Fri in this example.
--
HTH
Bob Phillips
(remove nothere from email address if mailing direct)