Education services business Wey Education has won a contract to support the development of an un-named private school on the island of Mauritius. The company, headed up by former Ofsted Chairman Zenna Atkins, has been commissioned by the developer, Indian Ocean Real Estate), to project manage the development of the school, identify a brand and establish an operator model.

This is the second contract win the firm has announced in the past few weeks, following on from an advisory contract with Greenwich Council to support the sponsors in the development of the Greenwich University Technical College, due to open in September 2013.

At the current mid-price of 17.5p Wey Education is capitalised at just £2.3 million. The firm has made steady progress since listing on PLUS in April this year and remains in the hunt for acquisitions to expand its operations. Given its early stage of operations financial forecasts are difficult to determine, but broker IAF Capital has bravely forecast a pre-tax profit of £553,000 in 2012. If the company does meet profit forecasts then the shares will look very cheap but for now we rate them only as a speculative buy.