Canada-based food group Maple Leaf Foods is aiming for a “substantial” increase in earnings over the next five years from a series of company-wide initiatives.

The bakery and meat processor expects to be able to boost its EBITDA margin from 7% to 12.5% in 2015.

The company has lined up plans to “simplify” its bakery and meat production, to “normalise” its trade promotions and implement SAP.

Under the plans, Maple Leaf has flagged the prospect of “a series of plant consolidations” including the construction of a bakery in Ontario and a prepared-meats facility.

“Maple Leaf Foods has a clear and achievable plan to deliver significant earnings growth now and through the next five years, yielding a very substantial return to shareholders,” said president and CEO Michael McCain. “The primary driver of this earnings growth will be increased efficiency throughout our manufacturing network, which represents the largest portion of our total cost structure. We expect to achieve this by reducing complexity, consolidating plants and investing in scale and technology.”