What I would like to do is just take our investors and stakeholders through the progress we're making, and the headlines, and the challenges that we face. So, we announced our Q1 trading, and I think, the significant with the prelims, of this is that, first of all, the management guidance for bookings for FY 2024 is between $13 million and $15 million, which at the low end would be an 80% growth, and at the top end, 108%. And that speaks to the confidence that we see in terms of FY 2024 and the transition to growth that we've talked about. It's important to note that a lot of the retrospective, discussion in the prelims was about the turnaround plan and, what we put in place, which was a root-and-branch review right across the company.
But effectively, that program has been completed and now is very much in the business as usual at Cirata. One of the key elements of that was around go-to-market, and in January, we spent a lot of time with the sales teams, and the company kick-offs, both explaining the targets, but also doing the training to make sure the foundations were in place in early Q1. And what we've seen, which gives us, I think, a high degree of confidence, is the improving quality, the breadth, and the volume of the pipeline is steadily improving. And we see that as a really key foundation to build this model of pipeline predictability and high performance. So yeah, it's early days in terms of the transition with Q1, but we are seeing the sales activity up significantly.
As we flagged, the conversion to closure lagged, and there was some slippage in Q4, and we've seen the same element in the first quarter. But we're seeing the new sales team ramping. We're seeing certainly in terms of the complexity of the sales cycle, as anybody would know in the enterprise, it's non-trivial. And I think that's affected the slippage that we've highlighted. But we are very much focused on improving the execution, and we're confident with the sales team bedded down and the new go-to-market structure, with the Chief Revenue Officers in place, really showing a lot more momentum. And on the pipeline, as I've said, that continues to strengthen.
Thank you, Stephen. Now moving on to Q1 trading update and the financials. As we've talked about before, there are two key metrics for the business at this stage. Number one is bookings, and the second one is the cash position. I'll cover both of those on this slide. From a bookings perspective, we closed Q1 with $700,000 of bookings, which compares to $2.1 million in Q1 2023. For the quarter, about 49% of the bookings were from data integration, 51% of the bookings in the DevOps. You know, as we've said before, we were not happy with the performance in the quarter. We had expected to do a lot better than what we delivered in the quarter. The key reason for this was around deal slippage.
And the reason behind that is sort of the complexity of closing deals in the quarter. One of the things that we're working on is increasing the touch points that we have with customers in order to increase the predictability as we move through the quarter. From a cash perspective, we closed the quarter with $13.3 million of cash. This works out to around $1.6 million of monthly cash burn. The first quarter typically has a higher level of cash costs because there are several costs, such as sales kickoff and also recruitment costs that we incurred in the first quarter, which we don't... We're not looking to kind of repeat those costs going forward.
So the cash burn will improve as we move through the next two quarters. Moving on to the next slide on outlook. For FY 2024, well, we've given an outlook of bookings of between $13 million-$15 million. And we've talked about performance in 2024 being H2-weighted. Relative to prior periods, this would represent sequential progression on FY 2023 of 81% bookings growth at the low end and 108% at the high end. From a cash perspective, we still aspire to exiting FY 2024 at a cash flow breakeven basis. With that, I'll hand back over to Stephen to talk more about the business performance.
Thanks, Ijoma. Now let's turn to the business review. Looking at where we are, a lot of the activity we put in place last year on the turnaround plan is very much business as usual. Let's start with the challenges, and we've been, again, I think, very transparent and open. This is, particularly on the data integration side, a complex enterprise sale. Sales cycles can be protracted, and we're seeing the new sales team really ramp up, and the new go-to-market organization bed in, which we only started in January. So, with the sales leadership in place, we've pretty much completed everything we needed to do. The new team members are starting to drive the activity levels we expect.
But we certainly wouldn't say we're at a point of flawless execution and predictability on the sales execution, and that's explained in some of the slippage from both Q4 and Q1, and we need to do a better job of that. But let's turn now to the positives. Right across the board, in terms of direct marketing, in terms of partner engagement, and with the sales activity and prospecting, it's improving. So the quality, the volume, and the breadth of the pipeline is improving through all those different channels. We're seeing account referrals up. As I've said, the pipeline's steadily building, both on data integration and the DevOps business. And one of the other key indicators that we've highlighted before is the success rate on proof of concepts through to customers becoming committed to Cirata.
We're seeing proof of concepts really pick up, both on data integration and DevOps. In the last quarter, first quarter, we saw the first DevOps new subscription customer for some time in the company's history, so that was very positive. Just anecdotally, to share with you, we did an event, CIO event, in Boston, and from that, we got 20 leads, and that would've been unimaginable this time last year. Moving on to really a comparable, and one thing we will hold ourselves accountable for is showing both sequential but also year-on-year comparables and progress, both qualitative and obviously quantitative. As we said in Q1, we probably weren't happy at all with the quantitative outcome on the bookings.
But when we look back, there's a number of elements that when we double-click into the data, it shows we're making progress. So I was pleased to see the data integration bookings improve, you know, over 100% in terms of new and growth, and that really bodes well, I think, in terms of the year with our land and expand strategy. The DevOps, where we signaled a renaissance in that product line, starting in January, we're already seeing the fruits of some of that labor. And in terms of DevOps contracts, four compared to last year, just one, and actually, a major release in that has just gone live with Gerrit 3.7, that makes our DevOps product incredibly competitive.
We're already seeing the activity pick up in terms of customers talking about proof of concepts and actually moving forward, so that's very encouraging. Likewise, on the product side, our Live Data Migrator, we've accelerated the re-release schedule for that product, as well as accommodating customer enhancements, both for U.S. banks and out in Australia as well. I think, you know, what we're hoping to do with this chart is number one, sort of hold us to account in terms of sequential growth and comparables on last year, and we'll continue to do that, but also to give you a lot more color in terms of the progress we're seeing when you double-click and look at the fundamentals in terms of the customer activity, the proof of concepts, the product enhancements, and the momentum that we're seeing in the business.
So there's a lot of elements to really substantiate the qualitative improvements we're making in the business that allows us to be confident of our growth journey and our guidance through this year. So, in summary, you know, we've met the challenges head-on. We're doing the right things. Our partners and customers are re-engaging, and engineering product development has accelerated, the sales teams are ramping, the pipeline is steadily building, and that gives us the confidence to support the guidance for growth in a big transition year for the company in FY 2024.