The company reported operating profit up 14.7% to £3.8m. Beer volumes were up 9.7% - marking the company’s highest ever brewing year - while spirits volumes rose 37%.
It said a major £7.5m project to "expand and improve" its brewery and distillery was underway.
The company sold six pubs during 2014, and two others have been sold since the year end.
Chairman Jonathan Adnams said: “Shareholders will be aware that we have been selling less sustainable pubs in recent years. This is a strategy being pursued by a number of pub owners, but it also accords with our move towards being increasingly branded as Adnams and structuring the ways in which we serve customers and present our brand.
"In parallel with this strategy we have temporarily managed a few smaller pubs whilst seeking new tenants. This is generally preferable to short term closure or using an external management company.
“Our strategy in recent years has been to manage our own hotels, the Swan and Crown, whilst having tenants, and in some instances, lessees, run our pub estate. We are now managing our property assets on a more integrated basis, including temporary management of some properties. Most notably we are investing substantially in the White Horse at Blakeney, which we bought in 2011 and initially leased. This property is being substantially refurbished and will be managed by Adnams on reopening with the aim of re-establishing it as a leading North Norfolk pub and hotel.”
He added: We have been growing and strengthening the Adnams brand over a long period of time and our name and reputation, backed-up by high quality products, have served us well in very competitive markets in the last year. A lot of things came right for us in 2014, much of which were down to our own strategies and some were down to a stronger external environment.
On the outlook for 2015, he said: “2014 was a strong year for Adnams, our market positioning worked for us, we traded well, the external environment was quite benign, the beer market grew, there was reasonable weather and there was economic growth. In 2015 we may see more of the same, but there are undoubtedly greater uncertainties over the Eurozone and over the result of the UK general election in May."