The recovery in sterling against the dollar as general election uncertainty disappears could be bad news for a number of FTSE constituents which derive a significant chunk of their revenues from the US.

Analysis by Liberum has generated a list of stocks which could see material FX-related downgrades in the wake of the pound’s rally.

Of the names they flag we would be particularly wary of animal feed specialist Genus (GNS) at £14.94 which Liberum says has seen an earnings upgrade of 2% in the last two months against an implied revenue downgrade of -2.1%.

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The stock trades on 24.6 times June 2016 forecast earnings per share of 60.8p and is within touching distance of record highs, yet the currency headwind is accompanied by a number of other negative factors such as a slowdown in China and turmoil in Russia which could hit management’s plans to grow its profit by double figures in each of the next four years.

Other names highlighted by Liberum include Ashtead (AHT), Pearson (PSON), Wolseley (WOS), UBM (UBM), QinetiQ (QQ.), FirstGroup (FGP), Avon Rubber (AVON) and E2V Technologies (E2V). The chart highlights the FTSE 100 companies which have not seen the downgrades to earnings implied by forex movements.

Sterling’s surge could add to the challenges facing Genus.