Megson saw his team beat Manchester United in the Barclays Premier League on Saturday - but they needed a last-gasp Stelios Giannakopoulos goal to deny the Greek side a win at the Reebok Stadium.
"There are no excuses for us - it was a big game and although it was not a full house or Manchester United it was still a very important game.
"We didn't start right and when you don't do that it's hard to pick yourself up.
"Our performance overall was a poor one - we didn't get out of second gear and in the end we played lot of hit-and-hope balls with players who can't play in that manner.
"But we kept going, which is a feather in our cap, and got a really good point in regards of the way we played.
"At times our attacking play was one-dimensional, our defensive play was profligate - we gave them too many opportunities.
"We've played poorly and there's no dressing it up any other way - but we haven't got beaten."
He continued on Five: "Losing Gavin McCann early on caused us one or two problems - it meant we had to stick El-Hadji Diouf on, which we didn't want to do.
"But I think Gavin will be okay, he just got four or five stitches above his eye - we think the injury he got seven days ago reopened.
"I don't want to downplay the competition we're in but if we are going to play badly it's better to do it in Europe than in the league.
"The last 15 minutes were certainly a lot better in terms of the tempo we are looking for."