Endava hires new interim CFO amidst accounting investigation

Conor McShane has been appointed interim CFO after the company placed finance chief Mark Thurston on administrative leave

Endava has named Conor McShane of AlixPartners LLP interim CFO after placing finance chief Mark Thurston on administrative leave amid an investigation into the company’s accounting practices.

The move, effective immediately, comes as shareholder rights law firm Glancy Prongay Wolke & Rotter LLP continues to investigate Endava over possible violations of federal securities laws.

According to the firm, the investigation centres on the company’s accounting treatment of certain customer and supplier agreements.

Thurston’s leave is pending the conclusion of the investigation.

McShane, an MD at AlixPartners, has experience advising companies on financial restructuring, operational improvement and complex corporate situations.

He will oversee Endava’s finance function while the investigation is ongoing.

In a release regarding the appointment, the company’s board said it “remains committed to acting in the best interests of Endava and its shareholders, and the management team remains focused on disciplined execution, delivering for clients, and advancing the company's AI-native strategy.”

The news cut almost a quarter of Endava’s market value in a single trading session.

Endava shares fell as much as $0.67, or 24.2 per cent, during trading on 22 September, and closed at $2.13 following the announcement.

For the year ended 30 June 2025, the organisation’s turnover rose 4.25 per cent to £772.25m, compared with £740.75m the year prior.

The increase was reportedly fuelled by GalaxE, which it acquired in 2024, as well as organic growth in its banking and capital markets (BCM) and insurance verticals.

In the UK, earnings declined 0.2 per cent to £393.9m.

Headquartered in London, Endava helps businesses drive digital transformation through software engineering, AI and automation solutions and consulting services to enterprises across sectors including financial services, telecommunications, healthcare and media.

The technology services provider intends to publish its fiscal fourth-quarter and FY26 financial results by 2 November, when it may provide further updates on the review.