Consequences of Ulster's rebuilding (7)
I believe the answer is:
results
'consequences' is the definition.
('result' can be a synonym of 'consequence')
'ulster's rebuilding' is the wordplay.
'rebuilding' indicates anagramming the letters.
'ulsters' with letters rearranged gives 'RESULTS'.
'of' acts as a link.
(Other definitions for results that I've seen before include "Exam marks" , "Outcomes, effects" , "Outcomes, upshots" , "Outcomes, consequences" , "Outcomes, final scores" .)