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Pearson continues to face problems after investors wiped more than £2bn, as much as 40% , from the company’s market value January . Latest news includes the announcement that the company recently lost testing contracts in Texas and Ohio , worth £ 100 m and a recently-completed two-year restructuring programme, costing £ 180 m, was branded “a missed opportunity” and “more of a reshuffle than a fundamental rethink” by analysts. Furthermore, Pearson has played down another structural threat: the rise in textbook rentals. The proportion of college students renting at least one book has doubled since 2011 to about 40% , according to the National Association of College Stores . Lastly, two of South Africa ’s largest provinces are yet to place any textbook orders for two-year , which starts in last year , leading to an expectation that textbook sales could be down as much as 40% compared to last month .