Thanks everyone.
The battery is goosed which explains why the alarm sounded with loss of power. I checked the battery voltage in the unit which appeared to be OK (13.6V) but I suspected that this was really the charge voltage. A quick check on the battery outside the unit with a load showed...
House is 10 years old with optima 3 alarm fitted from new. Hardly used the alarm, not had any problems until last week. The AC power went off for 10 mins for substation work. The alarm went off during power down, after power returned we reset it OK except that the strobe light is now flashing...