In-mould flow during manufacturing of Sheet Moulding Compounds (SMCs) heavily affects the material microstructure and its mechanical properties. This influence is studied here for carbon SMCs on panels compression moulded with limited charge coverage. The high in-mould flow caused severe in-plane tow distortions, while their planarity was preserved. Flow induced fibre orientation plays a paramount role in the material failure, whereas local manufacturing defects had no discernible influence. The properties difference between specimens with preferential orientation of 0° and 90° was 150% for tensile stiffness, 260% for tensile strength, 120% for compressive stiffness and 32% for compressive strength. The compressive strength and failure strain for 45° and 90° specimens were higher than those for tension, and comparable for 0° specimens. Compressive and tensile moduli were similar for specimens with the same orientation. A clear link between SMCs manufacturing and mechanical performance is highlighted, together with its implications on structural design.