Endava appoints Rob Machin interim CEO from November 2
Key Facts
Rob Machin became Endava’s interim chief executive and an executive director on its board from November 2, 2026, according to a company announcement. The appointment comes as founder John Cotterell has said he intends to retire as CEO from October 19, 2027, after serving the contractual 12-month notice period. Endava said the board believes “new leadership is necessary to move the company forward in light of the investigation’s findings.” The stated rationale ties the change directly to the audit committee’s investigation into accounting practices as the company prepares to reissue its fiscal 2026 results. The company’s shares, ticker DAVA, closed at $1.65 on November 3, according to daily price data provided by EL7.
The audit committee’s investigation concluded that some agreements entered into during fiscal 2026 with parties that were customers and suppliers of the company lacked economic substance, or were negotiated and priced as a single arrangement. Endava said the revenue and balance-sheet accounting for these agreements did not comply with relevant accounting standards. The committee determined that the published results for the periods ended September 30, 2025, December 31, 2025, and March 31, 2026, should no longer be relied upon. The affected periods include results for the three months through September, the three- and six-month periods through December, and the three- and nine-month periods through March. The company also said the counterparties concerned accounted for about 1.5% of its total customers as of March 31, 2026, and that management identified separate revenue-recognition errors.
Endava said it would reissue its fiscal 2026 results and initially estimated that revenue adjustments would equal about 2% to 4% of fiscal 2025 revenue. In its published 2025 results, the company reported revenue of £772.3 million, up 4.3% from £740.8 million in the previous year. But revenue in the fourth quarter of fiscal 2025 fell 3.9% to £186.8 million. The company said the reissue would include non-cash adjustments that reduce adjusted profit before tax. In its 2025 results announcement, Cotterell said the company had recorded its highest quarterly order book and achieved record annual contract value, but described the near-term operating environment as volatile and the company’s outlook as cautious.
Management expects to identify one or more material weaknesses in internal control over financial reporting. It said the remediation plan would include strengthening accounting and reporting procedures, finance staffing, governance and training. In other management changes, Chief Financial Officer Mark Thurston resigned from his role and from the board effective October 25, 2026. Connor McShane of AlixPartners continues as interim CFO while the company searches for Thurston’s successor. General Counsel and Company Secretary Rohit Boothalingam also resigned from both positions effective October 26.
Endava notified the Securities and Exchange Commission on November 3, 2026, that it would be unable to file its annual report for the year ended June 30, 2026, by the deadline. It attributed the delay to the investigation, the reissue of affected periods and ongoing external audit procedures. On September 21, the company had said it was targeting publication of its fourth-quarter and fiscal 2026 results by November 2, before later notifying the regulator that it could not file on time. Cotterell will remain founder, non-executive strategic adviser and a board member until his announced retirement date. Endava said he would work with Machin to ensure a smooth transition of CEO responsibilities and continue relationships he has built with the company’s customers over 25 years.