LONDON -- The shares of Meggitt (LSE:MGGT) dropped 3 pence to 466 pence during early London trade this morning after the FTSE 100 member issued a brief first-quarter update.

Speaking at Meggitt's annual general meeting, Sir Colin Terry, the group's chairman, said this morning:

Proforma revenues grew modestly in the first quarter of 2013, and we continue to expect mid-single-digit revenue growth for the year, as advised at the time of the 2012 results in March. As guided, growth will accelerate in the second half reflecting the anticipated recovery in civil aftermarket.

The financial position of the Group remains very strong, and we expect further improvement driven by our ongoing focus on cash generation.

Sir Colin reminded Meggitt's shareholders today that the aerospace engineer had reported underlying sales and profits up 6% and 13% respectively during 2012. He also said last year's dividend was lifted 12%.

Based on that 2012 performance, Meggitt's shares are currently valued at 13 times earnings and offer a 2.5% income.

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