Meggitt FTSE's biggest faller as it lowers growth forecast

British aerospace engineer Meggitt was the FTSE's biggest faller this morning as it lowered its full-year revenue guidance, after trading over the past four months slid marginally below expectations. (Release)

In a statement this morning Meggitt said it now expects to reports revenue growth in the low single digits at for the year. In August, it said it expected to deliver mid-single digit revenue growth for 2013.

The Boeing and Airbus supplier also said that it has identified a raw material supply issue for a particular product which dated back to last year. The incurred cost is uncertain, but a solution is in place and Meggitt is providing £20m to account for the "expected financial exposure".